IMAGE  EVALUATION 
TEST  TARGET  (MT-3) 


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Phntrioranhin 

Sciences 
CorDoration 


23  WEST  MAIN  STREET 

WEBSTER,  N.Y,  14380 

(716)  872-4503 


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CIHM/ICMH 

Microfiche 

Series. 


CIHM/ICMH 
Collection  de 
microfiches. 


Canadian  Institute  for  Historical  Microreproductions  /  Institut  canadien  de  microreproductions  historiques 


O^ 


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Technical  and  Bibliographic  Notes/Notes  techniques  et  bibliographiques 


The  Institute  has  attempted  to  obtain  the  best 
original  copy  available  for  filming.  Features  of  this 
copy  which  may  be  bibliographically  unique, 
which  may  alter  any  of  the  images  in  the 
reproduction,  or  which  may  significantly  change 
the  usual  method  of  filming,  are  checked  below. 


L'Institut  d  microfilme  le  meilleur  exemplaire 
qu'il  lui  a  ete  possible  de  se  procurer    Les  details 
de  cet  exemplaire  qui  sont  peut  etre  uniques  du 
point  de  vue  bibliographique,  qui  peuvent  modifier 
une  image  reproduite,  ou  qui  peuvent  exiger  une 
modification  dans  la  m6thode  normale  de  filmage 
sont  indiqu^s  ci-dessous. 


D 


Coloured  covers/ 
Couverture  de  couleur 


D 


Coloured  pages/ 
Pages  de  couleur 


D 


Covers  damaged/ 
Couverture  endommagee 


□ 


Pages  damaged/ 
Pages  endommagees 


n 


Covers  restored  and/or  laminated/ 
Couverture  restaur6e  et/ou  pellicul6e 


□ 


Pages  restored  and/or  laminated/ 
Pages  restaurees  et/ou  pelliculees 


Cover  title  missing/ 

Le  titre  de  couverture  manque 


n 


Pages  discoloured,  stained  or  foxed/ 
Pages  decolorees,  tachetees  ou  piquees 


n 


Coloured  maps/ 

Cartes  g6ographiques  en  couleur 


D 


Pages  detached/ 
Pages  detachees 


D 


Coloured  ink  (i.e.  other  than  blue  or  black)/ 
Encre  de  couleur  (i.e.  autre  que  bleue  ou  noire) 


D 


Showthrough/ 
Transparence 


D 


Coloured  plates  and/or  illustrations/ 
Planches  et/ou  illustrations  en  couleur 


D 


Quality  of  print  varies/ 
Qualite  in^gale  de  I'impression 


D 


Bound  with  other  material/ 
Reli^  avec  d'autres  documents 


D 


Includes  supplementary  material/ 
Comprend  du  materiel  supplementaire 


D 


D 


Tight  binding  may  cause  shadows  or  distortion 
along  interior  margin/ 

Lareliure  serree  peut  causer  de  I'ombre  ou  de  la 
distortion  le  long  de  la  marge  int6rieure 

Blank  leaves  added  during  restoration  may 
appear  within  the  text.  Whenever  possible,  these 
have  been  omitted  from  filming/ 
II  se  peut  que  certaines  pages  blanches  ajout^es 
lors  dune  restauration  apparaissent  dans  le  texte, 
mais,  lorsque  cela  §tait  possible,  ces  pages  n'ont 
pas  et6  film^es. 


Only  edition  available/ 
Seule  Edition  disponible 

Pages  wholly  or  partially  obscured  by  errata 
slips,  tissues,  etc.,  have  been  refilmed  to 
ensure  the  best  possible  image/ 
Les  pages  totalement  ou  partiellement 
obscurcies  par  un  feuillet  d'errata,  une  pelure, 
etc.,  ont  ete  filmees  i  nouveau  de  facon  d 
obtenir  la  meilleure  image  possible. 


D 


Additional  comments:/ 
Commentaires  supplementairos: 


This  item  is  filmed  at  the  reduction  ratio  checked  below/ 

Ce  doc'»rT,ent  est  film6  au  taux  de  reduction  indiqu6  ci-dessous. 

10X  14X  18X  22X 


□ 


12X 


16X 


20X 


26X 


SOX 


TT 
11 

24X 


28X 


32X 


The  copy  filmed  here  has  been  reproduced  thanks 
to  the  generosity  of: 

Library  of  Congress 
Photoduplication  Service 

The  images  appearing  here  are  the  best  quality 
possible  considering  the  condition  and  legibility 
of  the  original  copy  and  in  keeping  with  the 
filming  contract  specifications. 


L'exemplaire  film6  fut  reproduit  graice  S  la 
gdn^rositd  de: 

Library  of  Congress 
Photoduplication  Service 

Los  images  suivantes  ont  6t§  reproduites  avec  le 
plus  grand  soin,  compte  tenu  de  la  condition  et 
de  la  nettet6  de  l'exemplaire  film6,  et  en 
conformit6  avec  les  conditions  du  contrat  de 
filmage. 


Original  copies  in  printed  paper  covers  are  filmed 
beginning  with  the  front  cover  and  ending  on 
the  last  page  with  a  printed  or  illustrated  impres- 
sion, or  the  back  cover  when  appropriate.  All 
other  original  copies  are  filmed  beginning  on  the 
fiist  page  with  a  printed  or  illustrated  impres- 
sion, and  ending  on  the  last  page  with  a  printed 
or  illustrated  impression. 


The  last  recorded  frame  on  each  microfiche 
shall  contain  the  symbol  — •^  (meaning  "CON- 
TINUED "),  or  the  symbol  V  (meaning  "END  "), 
whichever  applies. 


Les  exemplaires  originaux  dont  la  couverture  en 
papier  est  imprim6e  sont  film^s  en  commencant 
par  le  premier  plat  et  en  terminant  soit  par  la 
derni6re  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration,  soit  par  le  second 
plat,  selon  le  cas.  Tous  les  autres  exemplaires 
originaux  sont  film6s  en  commenpant  par  la 
premiere  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration  et  en  terminant  par 
la  derni^re  page  qui  comporte  une  telle 
empreinte. 

Un  des  symboles  suivants  apparaitra  sur  la 
derni^re  image  de  chaque  microfiche,  selon  ie 
cas:  le  symbole  — »-  signifie  "A  SUIVRE  ",  le 
symbole  V  signifie  "FIN  ". 


Maps,  plates,  charts,  etc.,  may  be  filmed  at 
different  reduction  ratios.  Those  too  large  to  be 
entirely  included  in  one  exposure  are  filmed 
beginning  in  the  upper  left  hand  corner,  left  to 
right  and  top  to  bottom,  as  many  frames  as 
required.  The  following  diagrams  illustrate  the 
method: 


Les  cartes,  planches,  tableaux,  etc.,  peuvent  etre 
film^s  it  des  taux  de  reduction  diff^rents. 
Lorsque  le  document  est  trop  grand  pour  etre 
reproduit  en  un  seul  clich6,  il  est  film6  d  partir 
de  Tangle  supdrieur  gauche,  de  gauche  d  droite, 
et  de  haut  en  bas,  en  prenant  le  nombre 
d'images  n^cessaire.  Les  diagrammes  suivants 
illustrent  la  m^thode. 


1 

2 

3 

1 

2 

3 

4 

5 

6 

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1 


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ERRA'J'A. 


A  few  corrections  have  come  in  since  these  pages  were  put.  to 
press,  which  are  noted  below; 

FLORIDA. 

Taxes The  treasurer  rules  that  where  tho  State  tax   of   two 

hundred  dollars  is  paid,  the  local  authorities  cannot  add  to  the  burden. 

GEORGIA. 

Taxes.  —The  tax  vear  ends  with  April  .30th  and  returns  must  be 
made  and  tax  paid  on'  or  before  July  first.  The  agency  tax  may  be 
paid  by  the  agent. 

OHIO. 

Marine  statements  must  be  filed  January  1st  or  within  thirti/ 
days  thereafter. 

Foreign. Ouarantoe   and  Accident  companies  must  make  the 

deposit  required  of  Fire  companies. 

Fees. Add  one  dollar  for  each  certificate  of   compliance  for 

publication. 

Penalties.  —  Substitute  for  first  two  paragraphs  under  penalties 
the  following: 

"  Every  person  who  shall  violate  the  provisions  of  law  relating  to 
insurance,  or  solicit  insurance,  or  act  as  agent  for  any  company  not 
authorized  to  do  business  in  the  State,  or  in  any  manner  aid  therein, 
shall  be  liable  to  a  fine  not  exceeding  one  thousand  dollars,  and  im- 
prisonment not  exceeding  six  months, 

"  Every  company  that  neglects  or  refuses  to  make  an  annual  state- 
ment as  required  l)v  law.  shall  be  subject  to  a  fine  of  five  hundred 
dollars,  and  five  hundred  dollars  for  each  month  it  continues  to  do 
business  thereafter." 

Assessment  Companies  applying  for  admission  must  file  copy 
of  charter  and  annual  statement.  They  are  also  prohibited  from 
issuing  a  certificate  for  a  greater  amount  than  the  association  shall  be 
able  to  pay  from  the  proceeds  of  one  assessment.  The  provision 
regarding  maximum  payments  and  assessments  should  be  stricken  out. 
Fees  reciprocal. 

SOUTH  CAROLINA. 

Taxes.  —  For  -'May'"  in  first  line  read  January;  for  "June"  in 
second  line  read  February;  and  for  '•March"  in  fourth  line  read 
December. 

UTAH. 
Fees.  —  For  filing  articles  of  incorporation,  five  dollars. 


"^P.WXRi0M 


sm.  ,'i.mimmmmm 


INDIANA. 

No  insurance  company  shall  insert  any  condition  in  any  policy 
hereafter  issued  requiring  the  insured  to  give  notice  forthwith,  or 
within  a  pjnod  of  time  less  than  five  days,  of  the  loss  of  the  insured 
property,  nor  shall  any  condition  be  inserted  in  such  policy  requiring 
the  insured  to  procure  the  certificate  of  the  nearest  justice  of  the  peace, 
mayor,  judge,  clergyman,  or  other  official  or  person,  of  such  loss,  or 
tlie  amount  of  such  loss;  and  any  provision  or  condition  contrary  to 
the  t)iovisions  of  this  section,  or  any  condition  in  said  pohcy,  inserteU 
to  avoid  the  provisions  of  this  section,  shall  be  void,  and  no  condition 
or  agreement  not  to  sue  for  a  period  less  than  three  years,  shall  be 
valid. 


VERMONT. 

Taxes  —  Every  insurance  corporation  of  another  State  must  pay 
annually  in  the  month  of  B^ebruary,  and  before  the  tenth  day  a  tax  of 
two  per  cent,  upon  all  premiums  and  assessments  received  in  the  btate 
for  the  year  ending  the  thirty-first  of  December  preceding,  deducting 
from  the  gross  premium  re-insurances  in  authorized  companies,  return 
premiums  on  canceled  polieies,  unused  balances  of  premium  notes,  and 
dividends  to  policy-holders. 

Annual  Statements  must  be  filed  previous  to  the  first  day  of 
March. 


mMM.M^ 


"^iiiiiMIWWj|i  I    ■-  ^ 


•ixasELaa 


Statutory  REQUiuiiMENTs 


BKLATINa  TO 


INSUKANCE 


IN  THE 


UNITED  STATES  AND  CAKADAS. 


C0MPBI8IN0  AIX  THE  Rr.qt  IRElIk.::T8  NBCESSART  FOU  THE   ADMISSION  AHD  TbANSAOTION  OT 
BUSINEBB  IN  THE  STATES  AND  IN  CANADA,  BT  InSURANOI  COMPANIES 

or  OTHBB  States  and  Pobbwn  Codntriks. 


Corrected  to  November  1,  1886. 


?  ■ 


,  / 


HARTFORD,   CONN.: 

PUBLISHED  BY  THB  IN8UBANCE  JOURNAL. 

1886. 


iiiMiMi 


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mm 


Bntered,  Mcordlng  to  Act  of  Congress,  In  the  year  1886, 

Bt  H.  B.  HAYDEN, 
In  the  Office  of  the  Ubi«ri»n  of  Congreee.  at  Waehlngton. 


prm  <tf  Tilt  Com,  Lookuwd  A  Brainard  Co.,  Bar^ford,  Conn. 


'j:fir;^^-£t'^,.«ig:-.j2iaE(.^i,,^  iiii».i.ii.iMluf  I  I    'SilHiiilU!'!' 


ABSTRACT  OF  STATUTORY  REQUIREMENTS 

OF  TUB  HKVKRAI.  STATES  AND  CANADA 

RELATING    TO    INSURANCE. 


Conn. 


N  B  —The  rcqiilrimciits  In  rcfcTciiec  to  Donifollc  C'omiiniiioH  Rrc  not  ImIikIoiI  herein. 
Foreign  Compiuilen  iii«  cliiKBined  herein  are  CompunleB  exUtlng  under  anih(jrily  of  Koveru- 
ments  foreign  to  tlie  I'lilluil  ISinieH.* 

ALABAMA. 

[LeglKlature  meet*  biennially.    Next  »0Mion  Nov.  9,  IBM  ] 

Malcolm  C.   Bukke,  Auditor  of  State,  Montoomkry. 

Admission.  —  Every  company  desiring  to  transact  business  in  this 
Stale,  before  admission,  must  lilo  with  the  Auditor  a  certified  copy  of 
its  charter  or  deed  of  settlement,  a  statement  under  the  oiith  of  the 
President  and  Secretary,  showing  the  name  and  location  of  the  com- 
pany, the  amount  of  its  capital  stock,  the  amount  thereof  paid  in.  and 
the  financial  condition  of  the  company,  a  written  instrument  under 
seal,  authorizing  the  agents  of  the  company  to  acknowledge  service  of 
process  for  and  in  behalf  of  the  company,  and  consenting  that  service 
of  process  upon  any  such  agents  shall  bo  taken  and  held  as  if  served 
upon  the  company,  and  waiving  all  claim  of  error  by  reason  of  sucli 
BervicG. 

Certificates  and  Agents.  —  Every  agent,  before  transacting 
business,  shall  procure  from  the  Auditor  a  certificate  of  authoiity,  and 
file  such  certificate,  together  with  a  copy  of  the  statement  and  written 
instrument  filed  with  the  Auditor,  in  the  office  of  the  Judge  of  Probate 
of  the  county  in  which  the  office  of  such  agent  is  located,  tiuch 
certificate  shall  be  renewed  annually,  in  January  for  B'ire  and  Marine 
companies,  and  in  July  for  Life  companies,  and  shall  be  annually  filed, 
with  a  copy  of  statement,  in  the  office  of  the  Judge  of  Probate. 

Fire  and  Marine. —  P^very  company  must  possess  at  least  one 
hundred  and  fifty  thousand  dollars  of  actual  cash  capital  mvested  as 
required  by  the  laws  of  the  State  where  organized.  Annual  state- 
HK-nts  shall  be  filed  on  the  lOth  day  of  January,  in  each  year  or  within 
thirty  days  thereafter,  showing  the  condition  of  the  company  on  the  pre- 
ceding 3l8t  day  of  December.  The  re-insurance  fund  shall  be  fifty 
per  cent,  of  the  amount  received  for  premiums  on  all  unexpired  risks. 

♦The  names  of  the  offlclals  given  arc  thoBC  holding  the  office  Oct,  1,  1886. 


JiSaJmiiiMMiii 


4  BTATUTORY      tlEQlTIBKMKNTn. 

Each  company  shall  rocf>iv«  ft  cortJIhrato  HUthoriziiiK  it,  to  tlo  l)ini- 
neas  in  tlu)  StiU«,  whicli  hIiuH  oxpim  on  tho  l.'.ih  <hiv  of  .Iftmmry  in 
mch  your,  ami  shiill  »»«  nMicwoM  luiniially  in  Jnmniry.  Wh.incvor  it 
Hhali  appoar  to  tlio  Aiulitor  tli;it  th<(  iwsots  of  th(^  <-oinpivny,  aftc^r  pro- 
vi.iinK  for  all  liai>ilitie8,  art!  re.hKvil  inoro  than  twcnty-livo  p((r  cont. 
I...I0VV  till,  capital  stock,  ho.  shall  rovokt*  tho  uiithorily  of  Hiich  company 
or  its  a«onts  to  do  busint-ss  in  th.i  State,  and  publish  Huch  rev()<'aiion 
in  one  or  more  iiowspapora  of  general  circulation  publisliol  in  tin* 
State. 

Life.  —  (  Certi/ieatea  ami  Affnts.) 

Every  comi)any  shall  lilo  with  llit»  .\uditor  or  other  prr.per  officer 
in  tho  month  of  .Inly  in  each  year  iin  annual  statoinent  of  ilie  condi- 
tion of  tho  company  on  tho  first  day  of  April  last  precediiiK,  and  sliall 
state  tluinnn  the  f^nm  piemiuma  received  in  this  State  for  the  year 
ending  that  day,  including  notes,  accounts,  and  all  other  things  re- 
ceived or  agreed  upon,  as  compensation  for  insurance.  Also  state 
thorein  the  amount  of  taxes  and  licon.ses  paid  in  each  county  and  tho 
amount  of  funds  invested  in  tlie  State. 

The  statement  shall  be  verifie.i  ])y  the  certificate  of  the  1  residtmt 
and  Secretary,  or  Actuary,  under  oath,  and  the  seal  of  tho  company. 

Everv  company  which  shall  invest  and  k-ep  invested  in  this  State 
tho  net  rosorvo  upon  policies  issued  upon  the  liv.'S  of  citizens  of  this 
State  shall  bo  reganlod  as  a  Home  company  and  entitled  to  ad  tho 
privileges  of  companies  incorporated  under  the  laws  of  this  State. 

Foreign  Every  company  doing  business  in  this  State  shall  lilo 

with  th(^  Auditor  a  certifi(;ate  of  the  Trcsurer  of  this  State  or  of  the 
proper  officer  of  some  other  State  or  of  the  United  States  that  ho  holds 
on  deposit  and  in  trust  for  the  ben.ifit  of  all  tho  policy-holders  of  such 
company  in  the  United  Slates,  properly  invested  securities  wortli  at 
least  two  hundred  thousand  dollars.  Such  companies  shall  hie  the 
same  statomcmts  as  aro  required  of  Firo  and  Marine  companies. 

Licenses  —Every  agent,  before  taking  any  risks  in  the  city  or 
county  of  Mobile,  is  required  to  i)ay  to  tho  Fire  Department  Associa- 
tion of  Mobile  the  sum  of  two  hundred  dollars,  such  payment  to  be 
made  annually.  Every  agent  taking  risks  or  transacting  any  business 
of  insurance  in  any  other  incorporated  city  or  town  in  tlie  State,  where 
tliere  is  or  shall  be  fire  companu'S.  sliall  pay  to  such  city  or  town  annu- 
ally the  sum  of  two  hundred  dollars,  for  the  benefit  of  such  compa- 
nies'. Every  Fire  and  Marine  company  sliall  pay  an  annual  license 
fee  to  the  treasurer  of  one  hundred  dollars. 

Fees  —  For  every  statement  filed  witli  tlio  Auditor,  five  dollars. 
For  every  statement  filed  with  any  Judge  of  Probate,  five  dollars. 

Taxos.  —  The  agents  of  every  Fire  and  Marine  insurance  company, 
on  or  before  the  1st  day  of  August  in  each  year,  must  deposit  with 
the  Assessor  of  the  county  in  which  the  office  of  tho  agent  is  located 
a  statement  verified  by  the  oath  of  such  agent,  showing  the  gross 
amount  of  premiums  (after  deducting  return  premiums)  received  by 
such  agent  for  any  company  for  tlie  year  ending  on  the  lat  day  of 
August. 


..iU 


•  TATIITOBT      RRQ  I'  I  l<  »;  M  RNTB. 


5 


Lifo  insiirfttioo  cotri;>antos  sh.ill  (il<!  siu-h  Htatomont  in  tho  month  of 
July,  ghowinj<  tlm  gn^jt  ivtnount  of  prniniiiin.s  rocoivod  for  tlio  your 
omlinu;  on  tho  pnn;o(linjf  1st  iJiiy  of  April. 

Soo    LlKK  (JoMPANIKH. 

All  Kiurli  pri'iniiiMH  am  snbjnct  to  a  fax  of  ono  por  cent,  iiftor  do- 
du'itinj^  oxpomlitiinH,  nttiirn  pnnniiinn,  and  lo.ssi>3. 

Penalties.  —  Agenta  iloing  biisiriOHS  for  a  com|iany  without  com. 
plying  with  tlm  provisions  of  law  arn  liablo  to  (ino  ami  iinprisonniont. 
Tho  highost  (inn  iinpoaod  in  ono  thoimand  dollars.  Tho  longtmt  torm 
of  imprisonmont,  hIx  ;nontln.  Agonts  aro  also  liahjc  for  Iomso.s  in- 
cuTod  umIohs  tlioy  havo  (.'onipliod  with  tho  law. 

An  a;^  !nt  m  dollnod  as  any  porson  wiio  h  ilicuta  insuranco  on  holialf 
of  any  iinuranco  c()m[)any  not  organizod  undor,  or  inc(jrporat(«l  by 
tho  law-i  of  this  Htato.  or  who  tak  ■'  or  tnuLsmita.  othor  than  for  him- 
8olf,  any  api)lit!ation  for  in.suranc<!,  or  any  policy  of  inHnranc(i,  to  or 
from  such  company,  or  who  aiivortiHOM.  or  oMiorwiHo  givo-t  notu^o,  that 
ho  will  roooivo  or  transmit  tho  samo,  or  wh  i  shall  n'coiv  ■  or  dolivur  a 
policy  of  insuranco  of  any  such  company,  or  who  shall  e.xamino  or  in- 
spect any  risk,  or  rocidvo,  colloct,  or  transmit  any  promium  of  insur- 
anco, or  mako  or  forward  any  diagram  of  any  building  or  buildings, 
or  do  or  porform  any  othor  act  or  thing  in  the;  making  or  ^,on^ulnm/^' 
ting  of  any  contract  of  insurance  for  or  with  any  such  insuranco  com- 
pany, othor  than  tor  himsoif,  or  who  shall  examine  into  or  adjust,  or 
aid  in  adjusMng,  any  loss  for  or  on  b:dialf  of  any  sucli  insuranca  com- 
p  my,  whothor  any  of  such  acts  shall  bo  done  at  tho  instanco,  or  roquest, 
or  by  tho  omploymonr,  of  such  insuranco  company,  or  of  or  by  any 
broker,  or  othor  porson,  shall  bo  hold  to  bo  tho  agent  of  tho  com[)any 
for  which  the  act  is  done,  or  the  risk  is  taken. 


ASSESSMENT    INSURANCE. 

Admission.  —  Assesf.mont  companies  must  lilo  with  Auditor  state- 
ment of  business  for  year  ending  previous'to  December  HI.  Auditor 
will  furnish  blanks  for  statomonts. 

Annual  Statements.  —  Statements  are  to  be  made  on  or  before 
March  1,  in  each  year  of  business  of  previous  year,  upon  blanks 
furnished  by  Auditor. 

Agents  and  Attorney.  —  Some  place  in  the  State  must  be  desig- 
nated as  principal  oDBce,  and  some  person  named  tliore  to  accept  service 
of  process,  if  tho  person  thus  designated  .shall  die,  the  vacancy  ,nust 
be  filled  within  thirty  days.  Notice  of  any  change  of  place  or  person 
shall  be  given.  These  appointments  and  changes  are  to  bo  made  under 
the  hand  of  the  President  and  Secretary,  and  are  to  bo  filed  in  the 
Auditor's  oflSce. 

Taxes  and  Fees.  —  Every  such  company  shall  pay  to  the  Auditor 
ono  dollar  for  each  one  hundred  members— such  payment  not  to  ex- 
ceed  the  sum  of  twenty-five  dollars  for  each  Association. 

PenaMes.  — For  neglect  to  comply  with  law,  or  for  making  any 
false  statHmeiit,  a  penalty  shall  be  o.xacted,  on  conviction,  of  not  less 
than  one  hundred  nor  more  than  five  hundred  dollirs. 


Jm 


g  STATUTORY      K  E  Q  U  I  R  E  M  E  N  T  8. 

ARKANSAS. 

[LeglBltttiire  meets  Wcunlally.    Next  session  Jan.  10. 1887.1 
A.  W.  Files,  Auditor  and  Ins.  Co.nmhsioner,  Little  Rock. 
A.dmission.  —  Every  iasuranco  company  desiring  to  transact  busi- 
ness' in  this  State,  before  admission  must  have  a  subscribed  capital  of 
one  hundred  thousand  dollars,  with  a  paid-up  capital  of  fifty  thousand 
dollars,  and  must  file  with  the  State  Auditor  — 

A  certified  copy  of  its  charter.  ,  ,      ^-         t  u^ 

A  certificate  giving  the  date  of  its  organization,  and  location  of  its 

^""rsfat^ment  verified  by  the  signature  and  oath  of  the  President  or 
Vice-President,  and  Secretary  or  Actuary  of  the  company  showing  its 
condition  and  business  on  the  preceding  thirty-first  day  of  December^ 
A  written  stipulation  duly  authenticated  by  the  company  agreemg 
that  any  legal  rrocess  affecting  the  company  served  on  the  Auditor  or 
party  designated  by  him,  or  the  agent  specified  by  the  company  to  re- 
ceive ser4e  of  process,  shall  have  the  same  effect  as  if  served  per- 
sonally on  the  company  within  this  State.  Such  supulation  cannot  be 
modified  or  revoked,  except  that  a  new  one  maybe  ^"^^^^tuted  requ  r- 
ing  or  dispensing  with  service  at  the  office  of  the  company  in  this  State. 

Certificates  and  Agents. -Every  <=o'^'P^°y/°°^P'y!"f,.^,^;5 
the  requirements  of  law  shall  receive  from  the  Au-htor  ^J^"-'  ^^f  ?^f 
authority.  Each  company  authorized  to  do  business  in  this  State  shall 
cvrtifv  to  the  Auditor  the  names  of  all  agents  appointed  m  this  State. 
The  Auditor  shall  issue  to  each  agcmt  a  certificate  of  au».oriy  show- 
ing that  the  company  is  authorized  to  ao  business  in  the  State,  and 
that  he  is  appointed  its  agent. 

Examinations  and  Impairments. -The   Auditor,  for  prob- 
able cause,  may  visit  and  investigate  the  affairs  of- any  company  doing 
business  in  this  State,  at  its  principal  offi.;e,  wherever  i*  ™^y  Mnot  of 
a  State  where  the  substantial  provisions  of  the  ''Act  to  establish  an 
Insurance  Bureau"  of  this  State  slip.i:  be  enacted).     He  may  revoke 
its  certificate  if  the  reasons  for  graniinir  it  no  longer  exist,  or  it  exam- 
ination be  not  permitted.  •  „„„ 
If  after  charging  a  fire  and  marine  company  with  a  legal  reinsur- 
ance  reserve  and  all   other   liabilities   iis   capital   stock   is   impaired 
twenty  per  centum,  the  Auditor  shall  require  the  company  to  make 
good  ywhole  capital  stock  within  sixty  days,  and  if    ^.s  is  not  do 
he  shall  require  the  company  to  cease  to  do  business  withm  the  State. 
If  any  life  insurance  company  has  not  assets,  after  providing  for 
11  liabilities  exclusive  of  capital  stock,  equal  to  the  net  value  of  al  its 
policies  in  force,  the  Auditor  .hall  pub'.sh  the  fact  that  the  condition 
of  the  company  is  below  the  standard  of  safety  established  by  this 
dtate,  and  require  the  company  to  cease  doing  new  business  in  this 
State. 

Fire  and  Marine. -Anauai  statements,  verified  by  the  signa- 
ture  and  oath  of  the  President  or  Vice-President  and  Secretary  of  the 
compivny,  shall  be  filed  or.  the  first  day  of  January  in  each  year,  or 
within  sixty  days  thereafter,  and  shall  show  the  condition  of  the  com- 


HTATUTOHY      REQUIREMENTS. 


OCK. 


nsact  0U3I- 

capital  of 

r  thousand 


ition  of  its 

resident  or 
ihowing  its 
Dficember. 
Y,  agre(>ing 
Auditor  or 
pany  to  re- 
served per- 
1  cannot  be 
ited  requir- 
1  this  State. 

lying  with 
ertificate  of 
i  State  shall 
1  iliis  State, 
arity,  show- 
State,  and 

r,  for  prob- 
ipany  doing 
y  be  (not  of 
3stabhsh  an 
may  revoke 
or  if  exam- 

ral  reiiisur- 
is  impaired 
my  to  make 
is  not  done 
u  the  State, 
roviding  for 
lue  of  all  its 
he  condition 
ihed  by  this 
iness  in  this 

y  the  signa- 
:-etary  of  the 
3ach  year,  or 
1  of  the  coui- 


pany  on  the  preceding  3 1st  day  of  December,  and  its  business  for  the 
year  preceding. 

The  re-insurance  fund  shall  be  computed  at  fifty  per  centum  of  all 
premiums  on  unexpired  fire  risks  having  less  tiian  one  year  to  run; 
pro  ratf,  of  all  premiums  on  unexpired  fire  risks  having  more  than  one 
year  to  run;  the  entire  premiums  received  on  unexpired  marine  and 
inland  risks.  When  the  re-insurance  fund,  thus  calculated,  is  less  than 
forty  per  centum  of  all  premiums  received  during  the  year,  then  the 
whole  of  the  premium  received  on  unexpired  risks  shall  constitute  the 
re-insurance  fund. 

Life.  —  Annual  statements  must  be  filed  on  the  first  day  of  Jan- 
uary in  each  year,  or  within  sixty  days  thereafter,  showing  the  condi- 
tion of  the  company  on  the  preceding  31st  day  of  December. 

Such  statements  must  be  accompanied  by  a  schedule  of  all  policies 
in  force  in  the  company,  if  the  certificate  hereinafter  mentioned  is  not 
furnished. 

The  Auditor  is  required  to  annually  value  the  policies  of  all  com- 
panies doing  business  in  the  State  which  do  not  furnish  the  certificate 
of  the  Insurance  Commissioner  of  the  State  under  whose  authority 
the  company  is  organized,  showing  the  net  value  of  all  policies  in  force 
in  such  company,  calculated  upon  the  basis  established  by  this  State, 
and  stating  that,  after  being  charged  with  all  debts  and  claims,  the 
company  had  in  safe  securities  an  amount  equal  to  the  net  value  of  its 
policies  in  force,  and  that  the  company  is  entitled  to  do  business  in  its 
own  State. 

The  standard  of  valuation  in  this  State  is  the  American  Experi- 
ence Table  of  Mortality,  and  four  and  a  half  per  centum  interest 
per  annum. 

Foreign.  —  Foreign  companies  shall  transmit  an  annual  state- 
ment of  their  business  other  than  that  done  in  the  United  States,  prior 
to  the  first  day  of  July  in  each  year. 

Taxes.  —  Every  company  shall  make  a  report  to  the  Auditor  at 
the  time  of  filing  its  annual  statement,  under  oath  of  its  President,  Sec- 
retary, or  Agent,  showing  the  entire  amount  of  premiums  received  in 
this  State  during  the  year  ending  on  the  preceding  31st  day  of  Decem- 
ber, and  after  deducting  losses  and  commissions  therefrom  shall  pay 
into  the  State  treasury  on  or  before  the  first  day  of  March  a  tax  of  two 
and  one  half  per  centum  upon  such  premiums. 

Municipal  licenses  and  taxes  prohibited. 

Fees. —  Filing  charter,  fifteen  dollars. 

Filing  statement  or  certificate,  ten  dollars. 

Certificate  of  authority,  two  dollars. 

Every  copy  of  auy  paper  on  file  in  the  Insurance  Bureau,  per  folio 
twenty  cents. 

Affixing  official  seal  and  certifiying  such  copy,  one  dollar. 

Valuing  life  policies,  for  each  one  thousand  dollars  of  insurance 
valued,  a  sum  not  to  exceed  three  cents. 

Official  examinations,  the  actual  expenses  incurred. 

Traveling  agents  required  to  pay  a  license  fee  of  one  hundred  dol- 
lars per  annum. 


8 


STATUTORY      K  E  Q  U  I  U  E  M  E  N  T  S  . 


Penalties. —  Any  company  neglecting  to  make  and  transmit  any 
statement  required,  shall  forfeit  one  Innidred  dollars  for  each  day's 
neglect.  Any  person  or  corporation  transacting  the  business  of  insur- 
ance without  complying  with  the  requirements  of  law,  shall  forfeit  and 
pay  to  the  school  fund  five  hundred  dollars  for  each  month  or  fraction 
thereof  such  illegal  business  is  done,  and  every  such  person  or  persons 
or  corporation  shall  also  be  deemed  guilty  of  a  misdemeanor,  and, 
upon  conviction,  shall  be  fined  in  any  sum  not  less  than  five  hundred 
dollars. 

ASSESSMENT    INSURANCE. 

Traveling  agents  are  required  to  pay  one  hundred  dollars  per  annum 
for  license.     There  are  no  special  laws  regulating  assessment  insurance 


CALIFORNIA. 

(LegUlatnre  meets  biennially.    Next  seBslon  Jan.  8, 1887.] 
J.  C.  L.  Wadswokth,    Insurance   Commissioner,  San    Fbancisco. 
Admission. Every  stock  company  desiring  to  transact  the  busi- 
ness of  insurance  in  this  State  must,  before  admission,  possess  an  unim- 
paired capital  stock  of  not  less  than  iwo  hundred  thousand  dollars 
and  every  mutual  company  must  possess  available  cash  assets  over  and 
above  all  liabilities,  amounting  to  two  hundred  thousand  dollars,  and 
must   file  with   the    Insurance  Commissioner  a  certified  copy  of  its 
charter  or  articles  of  incorporation;  a  certificate  from  the  proper  State 
official  showing  that  the  company  is  duly  organized  and  possesses  the 
capital  stock  or  assets  required  by  this  State;  a  statement  of  its  c^on- 
dition  and  affairs  on  the  preceding  31st  day  of  December,  verified 
bv  the  oath  of  its  principal  executive  officer;  a  statement  of  the  name 
and  place  of  residence  of  some  agent  in  this  State  upon  whom  process 
of  law  may  be  served  in  any  legal  proceedings  against  the  company; 
process  so  served  gives  jurisdiction  over  the  person  of  such  corpora- 
tion or  company.     The  agent  so  appointed  and   designated  shall   be 
deemed  in  law  a  general  agent,  and  must  be  the  principal  agent  or 
chief  manager  of  the  business  of  such  corporation  or  company  m  this 

State.  ,  .        . 

Every  such  company  as  a  condition  precedent  to  the  transaction  ol 
insurance  business,  and  in  consideration  of  the  privilege  to  transact 
such  business,  shall  stipulate  that  if  at  any  time  such  company  shall 
be  without  an  agent  in  the  State  upon  whom  process  may  be  served, 
that  service  maybe  made  upon  the  Insurance  Commissioner.  I  he 
Insurance  Commissioner  must,  within  ten  days  after  such  service  upon 
him.  transmit  the  summons  or  legal  process  to  the  company. 

If  any  action,  commenced  in  this  State  by  a  citizen  thereof  m  the 
State  Court  against  such  company,  be  transferred  to  the  United  States 
Circuit  Court,  the  right  of  such  company  to  do  business  in  the  btate 
shall  thereupon  cease  and  the  Commissioner  sliall  revoke  its  certificate 
of  authority  and  publish  such  revocation  in  newspapers  published  in 
San  Francisco  and  Sacramento. 


STATUTORY      R K Q U I K E M E NTS  . 


9 


smit  any 
,ch  day's 
of  insur- 
■vteit  and 
■  fraction 
r  persons 
nor,  and, 
hundred 


er  annum 
nsurance 


iNCISCO. 

the  busi- 

an  unira- 
d  dollars, 

over  and 
)llars,  and 
)py  of  its 
jper  State 
;sesees  the 
)f  its  con- 
r,  verified 

the  name 
im  process 
company; 
h  corpora- 
l  shall  be 
1  agent  or 
any  in  this 

isaction  of 
to  transact 
party  shall 
be  served, 
)ner.  The 
rvice  upon 


reof  in  the 
ited  States 
1  the  State 
3  certificate 
iblished  in 


Ev^ery  such  company  must  also  file  with  the  Insurance  Commis- 
sioner a  bond  signed  by  an  officer  or  agent  of  the  company,  with  two 
sureties  to  be  approved  by  the  Insurance  Commissioner,  in  the  penal 
sum  of  two  thousand  dollars,  conditioned  that  the  company  or  agent 
will  pay  to  the  proper  officer,  quarterly  in  advance,  such  licenses,  foes, 
or  taxes  as  shall  be  imposed  by  law,  that  such  company  or  agent  will 
pay  to  the  State  all  stamp  and  other  duties  imposed  by  law,  in  the 
time  and  manner  prescribed  by  law;  and  that  such  company  or  agent 
will  conform  to  all  the  provisions  of  law  made  to  govern  them.  (The 
general  agent  is  required  to  execute  and  file  this  bond.)  Every  com- 
pany  must  also  file  with  the  Secretary  of  State,  within  sixty  days  after 
commencing  business  in  this  State,  a  written  designation  of  some  per- 
son residing  in  the  county  in  which  is  the  principal  place  of  business 
of  the  company  in  this  State,  upon  whom  any  process  of  law  relating 
to  such  company  may  be  served. 

All  statements,  percentages,  estimates,  payments,  and  calculations 
must  be  made  in  gold  coin  of  the  United  States. 

Certificates  and  Agents.  —  Every  agent  thus  appointed  shall 
procure  from  the  Commissioner  a  certificate  of  authority  before  trans- 
acting business  in  this  State. 

Before  receiving  such  certificate,  if  any  life  insurance  agent  shall 
have  been  in  the  employ  of  any  other  company  within  twelve  months, 
he  shall  produce  written  evidence  to  the  Commissioner  that  all  moneys 
he  has  received  for  any  such  company  have  been  paid  to  it. 

Every  Life  Insurance  agent  shall  file  with  the  Commissioner  a 
duplicate  of  the  power  of  attorney  authorizing  such  agent  to  act  for 
the  company,  and  shall  receive  a  license  from  the  Commissioner. 

Examinations  and  Impairments. — The  Commissioner,  when- 
ever he  deems  it  necessary,  may  examine  any  company  transacting 
business  in  this  State.  Such  examination  must  be  private,  unless  the 
Commissioner  deems  it  necessary  to  publish  the  result  thereof,  in  which 
case  he  may  publish  the  same  in  two  newspapers  of  this  State,  one  of 
which  must  be  published  in  San  Francisco.  If  any  company  shall  be 
found  to  be  insolvent,  the  Commissioner  must  revoke  the  certificates 
granted  in  behalf  of  such  company,  and  give  notice  by  mail  or  per- 
sonally of  such  revocation,  and  cause  notice  thereof  to  be  filed  in  his 
ofiBce,  and  published  daily  for  four  weeks  in  some  newspaper  pubUshed 
in  San  Francisco.  Such  company  must  not  thereafter  issue  any  new 
poUciea  or  renew  any  previously  issued. 

Any  company  is  insolvent  when,  after  providing  for  all  claims  and 
liabilities  outstanding,  and  the  amount  required  by  the  laws  of  this 
State  for  a  re-insurance  fund  or  premium  reserve,  the  capital  stock  of 
such  company  is  reduced  below  two  hundred  thousand  dollars,  or 
below  seventy-five  per  cent,  of  the  amount  of  said  capital  stock  paid 
in  cash;  or  if  it  be  a  mutual  company,  if  the  available  cash  assets  do 
not  exceed  its  liabilities  as  aforesaid,  two  hundred  thousand  dollars. 

Fire  and  Marine.  —  Annual  statements  must  be  filed  on  or  before 

the  tenth  day  of  March  in  each  year,  and  show  the  condition  and 

affairs  of  the  company  on  the  preceding  3 1st  day  of  December.     Such 

statement  mast  be  published  in  a  daily  newspaper  in  the  city  where 

2 


10 


STATUTORY     REQUIRKMENT8. 


the  principal  office  of  the  company  is  located  in  this  State  for  one 
week  The  reinsurance  fund  shall  be  computed  at  fifty  per  cent,  of 
premiums  received  and  receivable  on  all  fite  risks  and  marine  time 
risks-  the  entire  premium  received  on  all  unexpired  marine  and  mland 
navigation  risksf  and  ninety-five  per  cent,  of  premiums  on  perpetual 
fire  risks.  No  company  can  take  any  one  risk  m  excess  of  one-tenth 
part  of  its  capital  actually  paid  in  and  intact  at  the  time  of  taking  such 
a  risk  without  reinsurance  of  the  excess. 

Life  _  Annal  statements  must  be  filed  on  or  before  the  10th  day 
of  March  in  each  year,  and  show  the  condition  and  affairs  of  the  com- 
pany on  the  preceding  31st  day  of  December.  Such  statement  must 
be  published  for  one  week  in  a  daily  newspaper  published  in  the  city 
where  its  principal  office  is  located  in  this  State.  •    •     ^, 

Every  company  upon  the  written  requisition  of  the  Commissioner 
shall  furnish  him  with  the  requisite  data  for  determinmg  the  value  of 
all  Its  policies  outstanding.  .    .  ,         , 

When  the  certificate  of  the  Insurance  Commissioner  of  the  valua- 
tion of  the  policies  of  any  company  organized  under  the  ia^^of  thi^ 
State  shall  not  be  accepted  by  the  insurance  officials  of  any  other  State 
Then  every  company  of  such  other  State  doing  business  in  this  State 
Shan  be  required  to  have  its  policies  valued  by  the  Insurance  Commis- 

'"TultSiorsiiall  be  made  upon  the  basis  of  the  American  Ex- 
perience  Table  of  Mortality,  with  interest  at  four  and  one-half  per 
ceTt  per  annum.  If  the  official  of  any  State  refuse  to  accept  the  cer- 
tificate of  valuation  of  the  policies  of  any  company  organized  in  this 
Stote  in  lieu  of  a  valuation  of  the  same,  then  the  Commissioner  shall 
make  a  valuation  of  the  policies  of  all  companies  of  such  State  domg 

^"ToUciS  may  te  registered  with  the  Insurance  Commissioner,  and 
the  reserve  on  the  same  deposited  with  him.  ,  .    „,  ^    .         ,  ■ 

Any  life  insurance  company  having  policies  m  this  State  issued  in 
accordance  with  law  may  have  a  special  agent  in  the  State  to  collect 
TeZZ  premiums.  He'shall  apply  for  and  receive  from  tlie  Wance 
Commissioner  a  certificate  of  authority,  and  shall,  on  or  before  the 
10th  day  of  January,  annually  file  with  the  Commissioner  a  statement  • 
under  Lh,  showing  the  gross  amount  of  premiums  collected  by  him 
in  the  State  during  the  year  ending  on  the  preceding  31st  day  of 
December,  and  pay  the  Commissioner  twenty  dollars,  /ailing  to 
make  such  statement  and  payment,  he  shall  forfeit  one  hundred  dollars 
for  each  renewal  premium  received  by  him. 

Every  contract  or  policy  of  insurance  hereafter  made  by  any  per- 
son or  corporation  organized  under  the  laws  of  this  Stato,  or  under 
those  of  any  other  State  or  country,  with  and  upon  the  !ife  of  a  resi- 
dent of  this  State,  and  delivered  within  this  State,  shall  contam,  unless 
specifically  .ontracted  between  the  insurer  and  the  msured  for  tontine 
i^urance  or  for  other  term  or  paid-up  itjsarance,  a  stipulation  that 
when,  after  three  full  annual  premiums  shaU  have  been  paid  on  such 
noIV,v  it  shall  cease  or  become  void  solel}  ;  :.he  non-payment  of  any 
Premium  when  due;  its  entire  net  reserve,  .y  the  Amencan  experi- 
ence mortality,  and  interest  at  four  and  one-half  per  cent,  yearly,  less 


.^^ 


STATUTORY      B E Q U I R K M E N T 8  . 


n 


ate  for  one 
per  cent,  of 
marine  time 
ft  and  inland 
n  perpetual 
if  one-tenth 
taking  such 

he  10th  day 

of  the  com- 

ement  must 

.  in  the  city 

atnmissioner 
the  value  of 

)f  the  valua- 
law8  of  this 
r  other  State, 
n  this  State 
nee  Commia- 

merican  Ex- 
one-half  per 
jcept  the  cer- 
lized  in  this 
issioner  shall 
I  State  doing 

lissioner,  and 

bate  issued  in 
ate  to  collect 
;he  Insurance 
)r  before  the 
r  a  statement  • 
ected  by  him 
3lBt  day  of 
Failing  to 
mdred  dollars 

e  by  any  per- 
ate,  or  under 
!ife  of  a  resi- 
ontain,  unless 
3d  for  tontine 
ipulation  that 
paid  on  such 
yment  of  any 
erican  experi- 
3t.  yearly,  less 


any  indebtedness  to  the  company  on  such  policy,  shall  be  paid  by  such 
company  as  a  single  premium,  at  such  company's  published  rates  in 
force  at  the  date  of  original  policy,  but  at  the  age  of  the  insured  at 
time  of  lapse,  either  to  the  purchase  of  non-participating  term  insur- 
ance for  the  full  amount  insured  by  such  policy;  or  upon  the  written 
application  by  the  owner  of  such  policy,  and  the  surrender  thereof  to 
such  company  within  three  months  from  such  non-payment  of  pre- 
mium, to  the  purchase  of  non-participating  paid-up  policy,  payable  at 
the  time  the  original  policy  would  be  payable  if  continued  in  force; 
both  kinds  of  insurance  to  be  subject  to  the  same  conditions,  except 
as  to  payment  of  premiums,  as  those  of  the  original  policy.  It  may 
be  provided,  however,  in  such  stipulation,  that  no  part  of  such  term 
insurance  shall  be  due  or  payable,  unless  satisfactory  proofs  of  death 
be  furnished  to  the  insuring  company  within  one  year  after  death, 
and  that,  if  death  shall  occur  within  three  years  after  such  non-pay- 
ment of  premium,  and  during  such  term  of  insurance,  there  shall  bo 
deducted  from  the  amount  payable  the  sum  of  all  the  premiums  that 
would  have  become  due  on  the  original  policy  if  it  had  continued  in 
force.  If  the  reserve  on  endowment  policies  be  more  than  enough  to 
purchase  temporary  insurance,  as  aforesaid,  to  the  end  of  the  endow- 
ment term,  the  excess  shall  be  applied  to  the  purchase  of  pure  endow- 
ment insurance,  payable  at  the  end  of  the  term,  if  the  insured  be 
then  living.  If  any  life  insurance  corporation  or  company  shall 
deliver  to  any  person  in  this  State  a  policy  of  insurance  upon  the  life 
of  any  person  residing  in  this  State,  not  in  conformity  with  the  pro- 
visions of  this  section,  the  right  of  such  corporation  or  company  to 
transact  business  in  this  State  shall  thereiipon  and  thereby  cease  and 
terminate,  and  the  Insurance  commissioner  shall  immediately  revoke 
the  certificate  of  such  corporation  or  company  authorizing  it  to  do 
business  in  this  State,  and  publish  such  revocation  daily,  for  the  period 
of  two  weeks,  in  two  daily  newspapers,  one  published  in  the  city  of 
San  Francisco,  and  the  other  in  tne  city  of  Sacramento. 

Foreign. —  Foreign  companies  doing  any  kind  of  insurance  busi- 
ness in  this  State  shall  file  their  annual  statements  on  or  before  the 
first  day  of  May  in  each  year,  made  up  for  the  year  ending  on  the 
preceding  3 1st  day  of  December,  and  shall  publish  the  same  for  on© 
week  in  a  daily  newspaper  published  in  the  city  where  the  principal 
office  of  the  company  in  this  State  is  located. 

Licenses. —  IVlunicipal  licenses  in  the  city  of  San  Francisco  are 
authorized  by  statutory  provisions  The  licenses  are  established  by 
ordinance  of  the  city  and  county  of  San  Francisco.  Each  agent  shall 
pay,  for  every  company  represented  by  him,  a  license,  as  follows:  Those 
doing  business  to  the  amount  of  fifty  thousand  dollars  or  over  per 
quarter,  one  hundred  dollars  per  quarter.  Those  doing  business  to 
the  amount  of  twenty-five  thousand  dollars  per  quarter  and  less  than, 
fifty  thousand  dollars,  seventy-fiye  dollars  per  quarter.  Those  doing 
business  to  the  amount  of  ten  thousand  and  less  than  twenty-five  thou- 
sand dollars  per  quarter,  fifty  dollars.  Those  doing  business  to  any 
amount  less  than  ten  thousand  dollars  per  quarter,  twentv-five  doUara 
per  quarter. 

Reciprocal  provision  in  reference  to  licenses. 


12 


STATUTORY      REQUIREMENTS. 


Fees.—  All  fees  must  be  paid  in  advance  in  United  States  gold 
coin 

For  filing  charter,  thirty  dollars. 

For  filing  annual  statement,  twenty  dollars. 

For  filing  any  other  paper  required  by  law  to  be  filed,  five  dollars. 

For  agent's  licenses,  one  dollar. 

Special  agent  of  life  insurance  company  to  collect  renewal  pre- 
miums, twenty  dollars.  ,    ,      r^ 

For  furnishing  copies  of  papers  filed  in  the  office  of  the  Commis- 
sioner, twenty  cents  per   folio,  and  for   certifying   such  copies,  one 

dollar.  .  u  J 

For  valuation  of  life  policies,  three  cents  for  each  one  thousand 

dollars  of  insurance  valued. 

The  Commissioner  shall  annually  assess  upon  every  company  domg 
business  in  this  State,  any  excess  of  the  expenditures  of  his  office  over 
its  receipts  in  proportion  to  the  amount  of  premiums  received  and 
receivable  by  such  companies  respectively  in  this  State,  for  the  year 
ending  on  the  preceding  Slst  day  of  December. 

Also  reciprocal  provision. 

Taxes. AH  taxes  are  collected  under  a  reciprocal  provision  of 

statute. 

Penalties. —  One  thousand  dollars  for  failing  to  file  statement  or 
stipulation  prescribed  by  law.  and  two  thousand  dollars  for  each  month 
any  company  continues  business  without  filing  such  statement.  Five 
hundred  dollars  for  failure  to  answer  fully  and  truthfully  in  writing 
the  written  enquiries  of  the  Commissioner.  One  hundred  dollars  for 
issuing  a  life  policy  in  this  State  not  containing  written  evidence  that 
it  is  so  issued. 

ASSESSMENT   INSURANCE. 

Assessment  companies  are  not  subject  to  the  insurance  laws  of 
California,  and  are  not  under  the  jurisdiction  of  the  insurance  depart- 
ment. 


CANADA. 


W.  Fitzgerald,  Superintendent  of  Insurance,  Ottawa. 

Admission.— Every  company  desiring  to  transact  business  in  the 
Dominion  of  Canada  shall,  before  admission,  file  in  the  Department  of 
Finance — 

A  certified  copy  of  its  charter  or  articles  of  association. 

A  statement  of  the  condition  and  affairs  of  such  company  on  the 
31st  day  of  December  preceding,  or  up  to  the  usual  balancing  day  of 
the  company. 

A  power  of  attorney  from  the  company  to  its  head  officer  or  agent 
in  Canada,  under  the  seal  of  the  company,  and  signed  by  the  Presi- 
dent and  Secretary  or  other  proper  officer,  verified  by  their  oath,  and 
further  corroborated  on  oath  by  such  officer  or  agent  or  some  person 
cognizant  of  the  facts  necessary  to  its  verification.     Such  power  of 


I 


-'rnrlKtltilm 


W&Mfa^ 


ri'i-ifr'niiiiiiiiriiiyriiiiiMiBiii 


J^k 


STATUTORY      REQUIREMENTS. 


13 


Itates  gold 


ve  dollars. 

lewal  pre- 

>  Commis- 
opies,  one 

thousand 

lany  doing 
office  over 
eived  and 
r  the  year 


ovision  of 


itement  or 
ach  month 
ent.  Five 
in  writing 
dollars  for 
idence  that 


ice  laws  of 
nee  depart- 


WA. 


iness  in  the 
>artment  of 


any  on  the 
nng  day  of 

er  or  agent 
<f  the  Presi- 
;r  oath,  and 
jrae  person 
li  power  of 


attorney  shall  declare  at  what  place  in  Canada  the  head  office  or  ch  ef 
agency  of  such  company  is,  or  is  to  bo  established,  —  and  shall 
expressly  authorize  such  attorney  to  receive  service  of  process  in  all 
suits  and  proceedings  against  such  company  in  any  Province  of 
Canada,  in  respect  of  any  liabilities  incurred  by  the  company  therein, 
and  also  to  receive  from  the  Minister*  and  the  superintendent,  all 
notices  which  the  law  requires  to  be  given,  or  which  it  is  thought 
advisable  to  give,  —  and  shall  declare  that  service  of  process  for  or  in 
respect  of  such  liabilities,  and  receipt  of  such  notices,  at  such  office  or 
chief  agency,  or  personally  on  or  by  such  attorney  at  the  place  where 
such  head  oflBce  or  chief  agency  is  established,  shall  be  legal  and  bind- 
ing on  the  company  to  all  intents  and  purposes  whatsoever. 

Whenever  any  such  company  changes  its  chief  agent  or  chief 
agency  in  Canada,  such  company  shall  file  a  power  of  attorney,  as 
hereinbefore  mentioned,  containing  any  such  change  or  changes  in 
such  respect,  and  containing  a  similar  declaration  as  to  service  of  pro- 
cess and  notices  as  hereinbefore  mentioned;  and  every  company  shall, 
at  the  time  of  making  the  annual  statement  provided  for,  declare  that 
no  change  or  amendment  has  been  made  in  the  charter,  act  of  incor- 
poration or  articles  of  association  of  the  company,  and  that  no  change 
has  been  made  in  the  chief  agency  or  chief  agent,  without  such  amend- 
ment or  change  having  been  duly  notified  to  the  superintendent. 

Duplicates  of  all  such  documents,  duly  verified  as  aforesaid,  shall 
be  filed  in  the  office  of  one  of  the  superior  courts  in  the  Province  in 
which  the  head  office  or  chief  agency  of  the  company  is  situated  —  or 
if  the  chief  agency  is  in  the  Province  of  Quebec,  with  the  prothonotary 
of  the  Superior  Court  of  the  district  wherein  such  chief  agency  is 
established. 

(See  Deposits.) 

Licenses.—  Every  company  before  transacting  business  in  Canada 
shall  receive  from  the  Minister  a  license,  and  shall  give  notice  thereof 
by  publication  in  the  Canada  Gazette  and  in  at  least  one  newspaper  in 
the  county,  city,  or  place  where  the  chief  agency  is  established,  which 
publication  shall  be  continued  for  four  weeks.  Licenses  shall  expire 
on  the  3l8t  day  of  March,  in  each  year,  and  shall  be  renewable  from 
year  to  year.  The  like  notice  shall  be  given,  for  the  space  of  three  cal- 
endar months,  when  a  company  ceases,  or  gives  notice  that  it  intends  to 
cease,  to  carry  on  business  in  Canada. 

Deposits,—  Every  Fire  and  Inland  Marine  Insurance  Company 
shall  deposit  with  the  Minister  the  sum  of  one  hundred  thousand 
dollars  for  the  benefit  of  policy-holders  in  Canada.  Such  deposits 
may  be  made  by  companies  of  the  United  States,  in  United  States 
securities,  or  any  other  securities  approved  by  the  Treasury  board. 

If  from  the  annual  statement,  or  by  the  examination  of  the  con- 
dition of  any  company,  it  appears  that  its  re-insurance  fund  and  liabili- 
ties in  Canada  exceed  its  assets  in  Canada,  then  the  company  shall  be 
called  upon  at  once  to  make  good  the  deficiency,  and  upon  failure  so 
to  do  its  license  shall  be  canceled. 

Life  Insurance  Companies  are  required  to  deposit  fifty  thousand 

•  The  expretdoa  **  Minister  "  in  this  act  means  MliiiRter  of  Finance  and  Recelver-Qeneral. 


'^iBiii>miia»MiaiMB»«ii)ifciimwwiaiJi^^ 


u 


14 


BTATUTORY      R  E  Q  U  I  R  E  M  E  N  T  8. 


dollara  with  the  Minister  upop  admission  to  do  business  and  to  make 
additional  deposits  from  time  to  time  sufficient  to  equal  the  re  insurance 
reserve  upon  policies  in  force  in  Canada,  or  to  place  such  sum  in  the 
hands  of  trustees  in  Canada  for  the  benefit  of  policy-holders  resident 
therein,  under  a  trust  deed  to  be  approved  by  the  Minister.  Ueserve 
computed  by  actuaries'  table  with  interest  at  four  and  one-half  per 
cent. 

Fire  and  Marine.- Every  Fire  and  Inland  Marino  Insurance 
Company  must  annually  file  with  the  Minister,  on  the  first  day  of 
January  or  within  two  months  thereafter,  under  oath  of  its  chief 
agent,  a  statement  of  the  condition  and  affairs  of  the  company  in 
Canada.  A  preliminary  abstract  must  be  made  on  or  before  the  I5tli 
day  of  January  in  each  year,  and  sent  to  the  SujHsrintendent  of  Insur- 
ance ffiving  premium  receipts,  policies  issued  and  m  force  and  losses, 
for  the  year  ending  December  31st.  Such  company  must  also  file  a 
statement  of  its  general  business  in  such  form  and  to  such  date  as  it 
may  be  required  by  law  to  furnish  to  the  government  of  the  country 
in  which  its  head  office  is  situate.  No  fire  policy  shall  be  issued  for 
or  extend  over  a  longer  period  than  three  years.  License  issued  to 
such  company  is  void  whenever  written  notice  of  any  undisputed 
claim,  arising  from  any  loss  insured  against  in  Canada  remaining 
unpaid  sixty  days  after  being  due,  or  of  a  disputed  claim  after  fanal 
judgment  is  served  on  the  Minister;  but  such  license  may  be  renewed 
if  such  claims  be  paid  within  sixty  days  thereafter.  Upon  tailure  to 
make  such  payment  ary  such  company  shall  be  deemed  insolvent. 

Life— Every  company  shall  annually,  within  three  months  after 
the  first  day  of  January,  make  a  statement  of  its  condition  and  affairs, 
verified  by  the  oath  of  the  President,  Manager,  or  agent  of  such  com- 
pany, or  of  any  person  cognizant  of  the  facts.  Such  statement  to  be 
made  at  the  usual  balancing  day  of  the  company. 

License  to  be  withdrawn,  if  company  fails  to  pay  losses  withm 
thirty  days  after  they  are  due,  or  after  final  judgment,  but  may  be 
renewed  at  discretion  of  Minister  if  the  law  is  complied  with,  within 
thirty  days. 

Fees  -To  defray  the  expenses  of  the  office  of  Superintendent  of 
Insurance,  an  assessment  shall  be  made  pro  rata  upon  the  gross  pre- 
miums received  by  each  company  during  the  preceding  year,  and 
paid  upon  the  31st  day  of  March  in  each  year,  but  the  amount  assessed 
on  fire  and  Inland  companies  shall  not  exceed  eight  thousand  dollars. 

Life  policies  in  Canada  to  be  valued  every  five  years  by  Superin- 
tendent at  a  fee  of  three  cents  for  each  policy. 

Penalties -Transacting  any  business  without  license  or  without 
filing  any  papers  required  by  law,  or  refusing  or  neglecting  t^  make 
annual  statement,  subjects  the  company  or  person  so  violating  the 
law  to  a  penalty  of  five  hundred  dollars,  and  an  additional  penalty  of 
one  hundred  dollars  for  each  month's  neglect.  In  case  of  non-pay- 
ment of  such  penalty,  the  Minister  may  suspend  or  revoke  Ucense. 

Agents  for  doing  business  without  license  are  subject  to  bne  ol 
not  more  than  fifty  doikrs  and  coata  for  first  ofiense,  and  imprison- 
ment for  second  offense. 


4to 


STATUTORY      REQITIREMENTS. 


IS 


d  to  make 
•insurance 
um  in  the 
rs  resident 
Ueserve 
lo-liali  per 

Insurance 
rst  day  of 
)f  its  chief 
ompany  in 
re  the  1 5th 
it  of  Insur- 
and  losses, 
t  also  file  a 
1  date  as  it 
the  country 

issued  for 
le  issued  to 
undisputed 

remaining 

after  final 
be  renewed 
n  failure  to 
lOlvent. 

tenths  after 
and  affairs, 
f  such  com- 
sment  to  be 

>sses  within 
but  may  be 
with,  within 

intendent  of 
B  gross  pre- 
g  year,  and 
unt  assessed 
md  dollars, 
by  Superin- 

e  or  without 
ing  to  make 
nolating  the 
li  penalty  of 
of  non-pay- 
» license. 
3t  to  fine  of 
nd  imphson- 


ASHESSHENT    INSURANCE. 

Admission.— (Companies  must  be  registered  under  the  life  insur- 
anrc  act  ;  must  make  a  deposit  of  fifty  thousand  dollars  ;  must  pay 
losses  in  full ;  cannot  use  any  part  of  assessments  for  losses  for  any 
other  purpose  ;  must  pi-int  in  ink  of  a  different  color  from  the  body 
of  the  contract,  and  conspicuously,  "This  association  is  not  required 
by  law  to  maintain  the  reserve  which  is  required  of  ordinary  life  insur- 
ance companies  "  Every  certificate  must  contain  a  promise  to  pay  the 
whole  amount  therein  mentioned,  and  to  make  assessments  sufficient  to 
pay  that  amount.  It  must  also  contain  a  stipulation  that  action  may 
be  brought  on  the  certificate  in  any  ccuiL  of  competent  jurisdiction  in 
the  province  where  the  policy-holder  resides.  The  words  "assessment 
system,"  must  be  printed  in  large  type,  at  the  head  of  every  policy, 
circular,  or  aiivertisement. 

Penalties.—  The  same  as  for  fire  and  life  insurance  companies. 


COLORADO. 


[  Legldatnre  meets  biennially.    Next  Mf glon  Jan.  8, 1887.  ] 
HiRAU  A.  Spruance,  Superintendent  of  Insurance,  Denver. 

Admission.—  Every  Fire  and  Life  Insurance  Company  desiring 
to  transact  br.amess  in  this  State  must,  before  admission,  possess  a 
paid-up  capital  of  not  less  than  two  hundred  thousand  dollars.  Com- 
panies other  than  fire  and  life,  not  less  than  one  hundred  thousand 
dollars.  Every  company  applying  for  admission  shall  file  in  the  office 
of  the  Superintendent  of  In.surance  a  duly  ceriified  copy  of  its 
charter,  articles  of  association,  or  deed  of  settlement,  with  a  state- 
ment under  oath  of  the  President  and  Secretary  or  other  chief  officers, 
showing  the  condition  of  such  company  on  the  thirty  first  day  of  the 
preceding  December.  Companies  must  appoint  the  Superintendent  of 
Insurance  their  attorney  to  accept  service. 

Certificates  and  Agents.—  Companies  are  required  to  procure 
annually  for  the  use  of  agents  an  solicitors,  copies  of  certificate  of 
authority.     Certificates  to  be  revoked  if  company  is  found  unsound, 

A.nr)   mnir  nnhliah    rnanlfa  nf  inv(^t.icr«.t.irtTi 


and  may  publish  results  of  inv^tigation. 


Examinations.— The  Superintendent  is  authorized  to  make 
examinations  of  all  companies  licensed  to  do  business  in  the  State,  at 
any  time,  for  which  he  shall  charge  not  to  exceed  ten  dollars  a  day 
and  necessary  expenses,  to  be  paid  by  the  company  examined.  For 
valuing  life  policies,  ten  dollars  for  each  million  of  insurance  valued. 

Fire  and  Marine,—  Annual  statements  must  be  filed  on  or  before 
the  first  of  March.  The  re-insurance  fund  shall  be  fifty  per  cent,  of 
gross  premiums  on  all  risks  having  less  than  one  year  to  run,  and  pro 
rata  on  all  unexpired  risks  having  more  than  one  year  to  run. 

Life. —  Annual  statements  must  be  filed  on  or  before  March  1st. 
The  legal  reserve  is  computed  by  American  experience  table  with 
interest  at  four  and  one-half  per  cent.,  valuing  net  premiums. 


-  -.■*i»*«*bfi>*  Hf*.*!^' 


-•-^i-'^i'-mmmB 


n 


\m 


10 


STATUTORY      RRQriBKMENTB. 


Fees.—  For  filing  charter  twonty-flvo  dolltirs.  For  filinj^  power  of 
attorney  and  preliminary  statement,  fifty  dollars.  Annual  stateinont, 
fifty  (i.)llar.«i.  For  certificate  of  authority,  five  dollurs,  and  each  copy 
of  same  two  dollars.  For  copioa  of  papers,  twenty  cents  per  folio, 
and  for  affixing  seal  and  certifying  any  paper,  one  tlollar.  For  each 
copy  of  proce.ss,  two  dollars.  Two  per  cent,  on  the  excesa  of  pro- 
niiums  over  losses  and  expenses  in  the  State  each  year.  .Superinten<i- 
ent  is  authorized  to  assess  for  any  deficiency  in  case  these  fees  do  not 
meet  the  expenses  of  bis  office. 

Penalties.— For  failure  to  pay  fees,  revocation  of  license. 

Any  person  who  directly  or  indirectly  aids  in  the  transaction  of 
the  busin(!8s  of  insurance  by  an  unlicensed  company,  is  liable  to  a 
pei.ialty  of  five  hundred  dollars  for  each  offense. 

ASSESSMENT    IXSURANOB. 

The  laws  of  Colorado  do  not  make  any  provision  for  the  admission 
or  conduct  of  the  business  of  assessment  companies. 


CONNECTICUT. 

[  Legislature  meeU  blounlally.     Next  neRxlon  Jan.  0, 18S7.  ] 
O.   R.  Fyleb,  Insurance  Cominissioner.  Hartford. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission,  must  possess  the  amount  of  capital  and 
invested  assets  hereinafter  mentioned,  and  must  file  with  the  Commis- 
sioner — 

A  certified  copy  of  its  charter  or  deed  of  settlement;  a  statement 
under  the  oath  of  the  President  or  Vice-President  and  Secretary  of 
the  company,  showing  the  condition  and  affairs  of  the  company. 
Such  company  shall  also  appoint  the  Insurance  Commissioner  its 
Attorney  upon  whom  all  process  of  law  may  be  served,  and  file  with 
the  Commissioner  a  certificate  of  such  appointment. 

Certificates  and  Agents.  —  Every  agent,  before  transacting  any 
business  of  insurance  for  any  company  in  this  State  must  procure 
from  the  Commissioner  a  certificate  of  authority  stating  that  such 
company  has  complied  with  the  requirments  of  law. 

Life  insurance  companies  and  foreign  companies  must  receive  a 
certificate  or  license  from  the  Commissioner  before  transacting  busi- 
ness in  this  State. 

All  certificates  and  licenses  must  be  renewed  annually  upon  filing 
the  annual  statement  of  the  company,  and  all  certificates  to  companies 
and  agents  expire  on  the  first  day  of  the  April  following  their  issue 
unless  issued  between  the  first  day  of  January  and  the  first  day  of 
April,  when  they  continue  until  the  April  following. 

Examinations  and  Impairments.  —  The  Commissioner,  when- 
ever he  deems  it  expedient,  may  examine  into  the  condition  and  affairs 
of  any  company  transacting  business  in  the  State.     He  may,  if  he 


PTATUTOBY     REQUIRKUENTS. 


17 


^  [xiwor  of 
Htaternont, 
uach  copy 
per  folio, 
For  tsAch 
(SB  of  pre- 
perintemi- 
aos  do  not 


loe. 

isaction  of 
liable  to  a 


admission 


usiness  in 
apital  and 
e  Cominia- 

statemont 
3crotary  of 

compiny. 
isioner  its 
d  file  with 


iacting  any 

at  procure 

that  such 

receive  a 
jting  busi- 

ipon  filing 
companies 
L.heir  issue 
irst  day  of 

raer,  when- 
and  affairs 
may,  if  he 


•looms  it  for  the  inlerost  of  the  public,  publish  the  result  of  such  ox. 
ainiiiation  in  one  or  more  newspapers  published  m  the  State.  When- 
ever it  shall  appear  from  any  such  examination  or  any  report  that  the 
alTairs  of  any  company  are  u>  an  unnDund  condition,  the  (Jommissionor 
shall  rovoko  the  cortificates  of  authority  or  liconsoa  granted  to  or  in 
biihalf  of  such  company,  and  cause  notice  of  such  revocation  to  be 
publishiMj  in  two  newspapers,  one  printed  in  Hartford,  and  the  othar 
in  Now  Haven,  at  least  four  weeks. 

Any  lire  or  marine  insurance  company  is  in  an  unsound  condition 
whenever  the  assets  of  such  company,  aftor  charging  it  with  its  proper 
liabilities  and  tho  amount  required  by  law  for  a  re-insurance  fund, 
amount  to  less  than  three-fourths  of  its  capital  stock.  If  the  assets  of 
any  life  insurance  company  are  not  equal  to  its  liabilities  and  premium 
reserve,  ascertained  as  required  by  law,  such  company  is  in  an  unsound 
condition. 

Fire  and  Marine.  —  Every  stock  company  must  possess  a  cash 
capital  of  one  hundred  and  fifty  thousand  dollars,  paid  up  and  securely 
invested.  Every  mutual  company  must  possess  one  hundred  and 
fifty  thousand  dollars  in  cash  or  invested  in  available  assets,  and  no 
company  can  be  admitted  unless  similar  companies  of  this  State  are 
admitted  in  such  otlier  State.  Annual  statements  shall  bo  filed  in  the 
month  of  January  of  each  year,  and  shall  exhibit  the  condition  of  the 
company  on  the  preceding  31st  day  of  December. 

The  re-msurance  fund  shall  bo  computed  at  fifty  per  centum  of 
the  gross  amount  of  premiums  (less  return  premiums  and  re-insur- 
ance) received  on  all  fire  risks  in  force  not  perpetual;  ninety-five  per 
centum  of  premiums  on  perpetual  risks  in  force;  one  hundred  per 
centum  of  the  amount  of  premiums  received  on  ocean  marine  risks  in 
force. 

In  all  insurance  against  loss  by  fire,  the  conditions  of  the  insurance 
shall  be  stated  in  tlie  body  of  the  policy,  and  no  condition  except  those 
so  stated  shall  be  valid.  No  fire  insurance  company  doing  Imsiness  in 
this  State  shall  expose  itself  to  loss  upon  any  one  risk  or  hazai  1,  to  «n 
amount  exceeding  ten  per  centum  of  its  paid  up  capital. 

Life. —  Annual  statements  shall  bo  tiled  on  or  before  the  first  day 
of  March  in  each  year,  showing  the  condition  of  the  company  on  the 
preceding  Slst  day  of  December. 

Every  company  which  does  not  furnish  the  certificate  hereinafter 
mentioned  must  furnish  a  descriptive  list  of  all  its  outstanding  poli- 
cies and  contrasts  of  insurance.  Such  policies  and  contracts  shall  be 
annuahy  valued  oy  the  Commissioner.  In  making  such  valuation  he 
shall  assume  the  rate  of  mortality  shown  by  the  Actuaries'  or  Com- 
bined Experience  Table,  with  compound  interest  at  four  per  cent.,  and 
he  shall  value  only  net  prsmiunis.  The  Commissioner  shall  accept  a 
certificate  of  valuation,  made  upon  the  standard  provided  by  the  laws 
of  this  State,  from  the  proper  official  of  the  State  where  the  company 
is  organized,  in  lieu  of  making  such  valuation,  if  such  official  will 
accept  the  certificate  of  valuation  of  the  Commissioner  of  this  State 
in  reference  to  companies  of  this  State  doing  business  in  such  other 
State. 


..M^ 


18 


•  tatutoby    requiremckti. 


i 


u 


The  CommiHsionor  in  rIbo  re(|uiierl  to  mako  valu»ti«ii»  upf)n  the 
hawiH  of  tho  AnuTicnn  Kxporiciicc  Tahln  of  MortHlity,  with  interest  at 
four  and  one-half  per  cent,  per  annum,  atnl  to  furnmli  curtiilcateB  of 
Buch  valuation  to  be  tiled  in  other  Statei*. 

Foreign. —  Kvory  foreign  insurance  euinpany  doinj^  husine»«  in 
this  Slate  muHt  posscHH  a  cafh  capifnl  of  more  tliun  two  hundred  thou- 
sand  (lollarH.  and  numt  deponit  with  the  TreaHurer  of  this  State,  or  tlie 
local  put'lic  oflicor  of  Home  other  State  of  the  United  StateH,  not.  hms 
than  two  Imndred  ihounand  dollarn  in  the  bonds  of  this  State,  of  the 
State  of  Now  York  or  MusHa eh ii setts,  or  of  the  United  States,  to  bo 
held  in  trusi.  f  >v  the  iM-nefit  and  wcnrity  of  the  policy-holders  of  such 
comj 'iny  in  tin  I'uited  Staleb.  A  certificate  showing  such  deposit, 
undc!  ihe  Iiuul  and  seal  of  the  officer  holding  the  same,  shall  be  filed 
with  he  (' )mtnisi8ioner.  The  capital  of  such  company  in  the  United 
States  is  ilio  aggregate  value  of  such  securities  as  siudi  company  shall 
hiivo  on  deposit  Willi  the  officers  of  the  several  States  for  the  benelit  of 
itB  policy-holders,  and  all  the  other  assets  and  property  of  the  company 
in  the  United  Slates,  which  are  vested  in  and  held  by  Trustees,  citi- 
zens of  the  United  States  approved  by  the  Commi-ssioner,  for  the 
general  benefit  and  security  of  all  policy-holders  and  cnxlitors  of  the 
company  in  the  United  States,  after  deducting  from  the  aggregate 
value  of  such  depo.sils  and  of  such  assets  held  in  trust  all  the  liabilities 
of  the  company  in  the  United  States,  including  a  re-insurance  fu  u'l, 
computed  as  required  by  law.  A  copy  of  the  trust  deed,  and  of  the 
vote  of  the  board  of  directors  appointing  such  Trustees,  shall  be  filed 
with  the  Commissioner. 

Annual  statements  of  thb  affairs  of  such  company  in  the  United 
Slates  shall  be  filed  with  the  Commissioner  m  the  month  of  January 
in  each  year,  and  shall  contain,  in  detail,  the  items  constituting  the 
capital  of  the  company,  and  the  deductions  to  Ih)  made  therefrom,  sub- 
scribed and  verified  by  the  oath  of  the  agent  or  attorney  of  the  com- 
pany in  the  United  Stales.  The  Commissioner  shall  annually  issue  to 
such  company  a  certificate  showing  the  amount  of  its  so-determined 
capital. 

Fees. For  valuation  of  life  insurance  policies,  the  same  rate  as 

imposed  on  Connecticut  companies  in  the  Stale  where  such  other  com- 
panies are  located. 

Liceuse  ten  dollars,  except  to  foreign  companies,  the  license  of 
which  is  fifty  dollars. 

Piling  charter,  thirty  dollars. 

Filing  statement,  twenty  dollars. 

Agents'  certificates,  two  dollars. 

Reciprocal  provision. 

Taxes. —  Every  agent  shall  irmke  a  return,  under  oath,  annually, 
on  or  before  the  tenth  day  of  January,  to  the  Commissioner,  of  the 
gross  ainount  of  premiums  collected  the  year  previous,  and  upon  re- 
ceiving from  the  Commissioner  a  certificate  of  the  acceptance  of  such 
return,  and  the  amount  of  tax  due  thereon,  under  the  provisions  of 
the  reciprocal  law,  shall  pay  the  same  on  or  before  the  20th  day  of 
January,  to  the  State  Treasurer. 


It  upon  tho 
h  itjUTPsl  at 
urtillcatea  u( 


huMJndiiR  ill 
111(1  rc'tl  iliDU- 
State,  or  tlie 
it(>H,  not  loHS 
■itato,  of  the 
States,  to  1)0 
lurH  of  Buch 
ucli  dei)08it, 
hall  bo  niod 

tho  L'nitt'd 
iiipany  Hliall 
lio  heiiolit  of 
,he  company 
'niHtcoH.  citi- 
nor,  for  the 
iitors  (if  the 
10  agj^roffato 
he  liabilities 
aranco  fu  ui, 
I,  and  of  tlie 
ihall  be  filed 

tho  United 
I  of  January 
Rtituting  tho 
irefrom,  sub- 
of  tho  com- 
lally  issue  to 
>-detenniDed 


same  rate  as 
h  other  com- 

le  license  of 


th,  annually, 
ioner,  of  the 
md  upon  re- 
ance  of  such 
provisions  of 
20th  day  of 


•  TAT  IT  TORY      RRQtirBEIIICNTH. 


19 


AffontB  may  be  licongod  to  place  excoMhivo  lines  in  unauthorized 
companioH  on  payment  of  a  tax  of  four  per  cent. 

Agents  of  conipnnicM  n(  foreign  eountricH  Mhall,  on  hucIi  grosH  pre- 
miumH  MO  return(Hl,  pay  on  or  before  th<(  20th  day  of  January,  to  the 
St»te  Tntasurer,  a  tax  of  two  jwr  cent. 

Penalties.  —  Kvery  agent  of  any  fire  or  marine  company  transact- 
ing businesH  in  violation  of  law,  is  subject  to  a  [wnalty  of  not  less  than 
one  hundred,  and  not  more  than  one  thoiiHand  (lollHr.s  for  eiurli  off{tnse. 

Every  otlicer  or  agent  of  any  life  iiiHiirance  company  transacting 
businesH  in  viohition  of  law  shall  be  subj»<ct  to  a  tine  not  less  than 
one  hundred  dollars  nor  tnore  than  five  Imndred  dollars  for  each 
offense. 

No  fire  company  is  permitted  to  advertise  or  repnwent  any  fiinds  or 
assots  to  he  in  its  possession  not  actually  possessed  by  it,  or  subscribed 
capital  not  actually  paid  up  in  casi,,  and  all  such  advertisements  and 
statements  purporting  to  show  tlu  financial  condition  of  the  company 
shall  correspond  with  tho  last  verified  statement  to  the  insurance  de- 
partment, and  every  violation  of  this  provision  shall  b((  punished  by  a 
fine,  for  tho  first  offense,  of  five  hundred  dollars,  and  every  subsequent 
offense,  one  thousas  d  dollars. 

ASSESSMENT    FNSUHANOK. 

Admission.  —  Corporations  of  other  States  must  deposit  with  the 
Insurance  Commissioner  a  certified  copy  of  its  stat(!ment  of  business 
for  the  year  ending  the  thirty-first  day  of  the  preceding  December,  and 
of  its  condition  at  that  date,  with  a  certificate  sworn  to  by  the  Prepi- 
dent  and  Secretary,  sotting  forth  that  it  has  paid,  and  lias  tho  ability 
to  pay,  its  certificates  to  the  full  limit  named  therein;  that  it  does  not 
issue  certificates  upon  the  lives  of  persons  more  than  sixty-five  yearr? 
old";  that  its  certificates  are  payable  only  to  beneficiaries  having  a  legal 
insurable  interest  in  the  life  of  the  insured;  that  an  ordinary  assess- 
ment is  suflficiont  to  pay  its  maximum  certificate.  It  must  also  furnish 
a  certificate  from  the  insurance  ofBcials  of  its  own  State  certifying  that 
it  is  legally  entitled  to  do  business,  and  that  like  corporations  of  (Jon- 
necticut  are  legally  entitled  to  do  business  in  that  State.  It  must  also 
furnish  copies  of  its  application  and  certificate  forms,  and  of  its  consti- 
tution and  by-laws. 

Fees,  Penalties,  Etc.  —  Assessment  companies  are  subject  to 
all  the  laws  regarding  life  insurance  companies,  except  that  requiring 
a  reserve.     Reciprocal  provision. 


DAKOTA. 

[LegjBlatnre  meets  biennially.     Next  Heegion,  Jan.  11, 1887.J 
E.  W.  Caldwell,    Territorial  Auditor,  Bismarck. 

Admission.  —  Every  joint  stock  company  applying  for  admission 

to  transact  business  in  this  Territory  must  possess  actual  cash  capital 

i   _  1       .     ,   .,  ,    ,  „  ^^  requirements 


to  the  amount  of   one  hundred  thousand  (ioUars. 


20 


STATUTORY     R  E  Q  U  I  R  E  M  E  NT  8. 


specially  fixed  regarding  assets  of  mutual  companies.  Every  company 
m^u  rile  with  thf  Auditor  a  copy  of  the  charter  or  act  of  ^corporation 
of  the  company,  a  sworn  statement  of  the  financial  cond  tion  of  he 
companT  on  tL  preceding  31.t  day  of  December,  and  a  written 
insmunint  under  seal  of  the  corporation,  signed  by  its  president  and 
Screlary  appointing  in  each  Judicial  district  in  which  ,t  does  business 
an  attorney  for  acceptance  of  service  of  process. 

Pertificatesand  Agents.  — Every  agent  must  be  supplied  with 
a  ce?Se°f?om  ?he  Aufitor  before  doing  business  Eve^y  company 
shall  file  in  the  office  of  the  Reg>ster  of  Deeds  "^  ^5' \  """  f/"  ^^^^^^ 
an  agency  is  estabhshed  a  copy  ol  the  statement  filed  .nth  the  Audito^^^ 
and  the  Certificate  of  the  Auditor,  aad  such  statement  ^nd  certificate 
shall  be  published  for  at  least  three  times  in  a  f^W^f  ^  jf/^^^;;/. 
circulation,  printed  and  published  m  each  judicial  d'stnct  of  the  tern 
tory  in  which  the  company  has  an  agenc>^  ^e  comrany  may  c^^^^^^^^^^ 
the  paper  from  one  of  three  selected  by  the  Auditor.  CertiLcates  and 
statement  procured  and  filed  as  above  annually  m  January. 

Fire  and  Life. -Annual  statements  must  be  filedjn  the  month 
of  Janul^  in  each  year.  The  Auditor  may  require  addiuona  state- 
ments,  and  make  examinations  whenever  he  deems  it  expedient. 

Foreien  —  Every  company  must  procure  a  certificate  of  authority 
from  ISr  Comply  wi?h  all  requirements  relating  to  American 
compares.  Statement  must  be  sworn  to  by  manager  or  general  agent. 
Home  office  .statement  to  be  filed  before  May  1st. 

Fees.  — To  Auditor — 

For  filing  declaration  and  charter,  twenty-hve  dollars. 
For  filing  annual  statement,  ten  dollars.  ,  ,     ,      „„  :„/i,vi^ 

For  each^certificate  of  authority  or  copy  thereof  (only  one  individ- 
ual  to  be  included  in  each  certificate),  two  dollars. 

For  copies  of   papers  twenty  cents   per   folio,   and   affixing  s.al 

''"?or  oTcidexaminatiou  of  companies'  actual  expenses,  not  exceed- 
"^SmtSg'coi^erof  annual  statement  for  publication,  one  dollar 
each. 

Penalties  —  For  not  filing  statement  required,  one  hundred 
Jollfrs  for  eack  week's  delay.  Agents  doing  business  or  companies 
which  have  not  comphed  wiih  law,  five  hundred  dollars  for  each  viola- 
tion.     Embezzlement  of  company  funds  larceny. 

Taxes  -Two  and  one-half  per  cent,  of  the  gross  premiums 
receTvedTn  the  territory  during  the%receding  year,  to  be  paid  before 
renewal  of  certificate.     No  local  taxes. 

Reciprocal  provision  for  taxes,  fees,  penalties,  and  deposits. 

ASSESSMENT     INSUBANCE. 

No  special  laws  for  the  conduct  of  assessment  companies 


STATUTORY      R E Q P t K E M E N T 8  . 


21 


DELAWARE. 

[LeKlflaturo  mieU  bleiinlully.    Nixt  scBnion  Jan.  4,  1887] 

Dr,  Nathan  Pratt,  Insurance  Commmioner,  Milford. 

.,  •  -^ Amission.— Every  conipniiy  desiring  to  transact  business  in 
tlushtate,  must  possess  one  hundred  and  fifty  thousand  dollars  overall 
liabilities  and  claims:  or  if  a  mutual  fire  company,  one  hundred  homi 
fide  applications  for  insurance,  and  securities  to  the  amount  of  twenty 
thousand  dollars,  and  authority  to  transact  business  in  its  own  State- 
or.  if  a  plate  glass  insurance  company,  one  hundred  tliousand  dollars 
above  all  liabilities;  before  admission  must  file  with  the  Insurance  Com- 
missioner a  lertified  copy  of  its  charter  or  declaration  of  organization 
a  statement  of  Us  condition  under  the  oath  of  its  president  or  vice' 
president  and  secretary;  a  certificate  of  the  name  and  residence  of 
some  person  within  this  State  upon  whom  any  civil  process  may  be 
served.     Making  affidavit  to  a  statement  falsely  is  perjury. 

Certificates  and  Agents.  — Every  company  and  each  of  its 
agents  before  oomg  business  in  this  State  must  procure  a  certificate 
Jrom  the  Insurance  Commissioner;  such  certificate  shall  not  bo  issued 
to  any  agent  until  he  files  with  the  Insurance  Commissioner  a  duplicate 
tax  receipt,  showing  that  all  taxes  have  been  paid,  nor  until  he  has 
procured  a  license  from  the  Clerk  of  the  Peace.  Every  agent  must 
procure  a  license  from  the  Clerk  of  the  Peace  in  the  county  in  which 
his  office  is  located,  who  shall  be  entitled  to  fifty  cents  for  issuing  the 
same.  e     ° 

Examinations  and  Impairments.  — The  Commissioner  may 
examine  any  company  doing  business  in  this  State.  If  he  finds  any 
Me  insurance  company  doing  business  in  this  State  has  not  on  hand 
the  net  value  of  all  its  policies  in  force,  he  shall  publish  the  fact  and 
withdraw  the  authority  of  the  company  to  do  business  in  this  State 
in  case  of  any  other  company  having  capital  stock,  if  its  capital  stock 
shall  become  impaired  to  the  extent  of  twenty  per  cent.,  he  shall  give 
notice  to  such  company  to  make  good  its  capital  stock  within  sixty 
days,  and  if  this  is  not  done  he  shall  require  the  company  to  cease  to 
do  business  m  this  State.  ^ 

p.k'^w'  ^^^^?®'  ^^^  ^*^®-  -  ^^'''■y  company  shall  file  on  or  before 
Ji«;         '".  n''^  ^u*""  *  ^^'^'n'^n^  of  "s  condition  on  the  preceding 
31st  day  of  December.     The  Commissioner  shall  require  all  life  com 
panies  doing  business  in  this  State  to  furnish  him  the  certificate  of 
valuation   of  the   Insurance   Commissioner   of   either   Pennsylvania 
New  York,  or  Massachusetts,  or  of  the  State  where  it  is  incorporated 
If  the  company  IS  incorporated  in  any  other  State  than  Pennsylvania' 
New  York,  pr  Massachusetts,  its  policies  shall  be  valued  on  the  "Now 
York  basis.       If  the  company  fail  to  furnish  such  valuation  he  shall 
revoke  its  certificate  of  authority  to  do  business. 

of  fi^tySrs.^""^  Fees—Every  agent  must  pay  a  yearly  license 
There  shall  be  paid  to  the  Insurance  Commissioner  for  his  own 


22 


8TATUT0KY     K K Q U 1 B E M K N T 8 . 


'"""h'or  aHlxine  seal  and  cortityiiig  »ncl.  copy,  one  dollar. 
Z  £l  oxaminauon.,  the  actual  expense  .ncumd. 

Taxes -Kvejy  agon,.,  the  U^e^oro^^^^^^^^^^ 

r;!sr;if ;sr;pr -s  "o'l  s  s^-Liu.,  .nd  a.... 

insurances  m  the  biato  1 1  o  co  m      y  ^-^^  ^^^  ^p^^  all 

;ri:^E:;";*=^o!n.t;u,ich  ao  „«  p...  .br„,.gi,*. 

hands  of  a  licensed  agtmt. 
days,  or  both. 

ASSESSMENT    IS8UBANCE. 

Ass.ssn.ent  companies  are  reqmred  to  cor^^^^^^^^^^^         the  laws  re- 
lating  to  other  life  companies.  excei>t  as  regards  reserves. 

FLORIDA.. 

[Ugl.lBlur«  meets  biennially.    Next  M.Mon.  January  4. 1887.] 
E    S    Cbill,  State  Treasurer,  Tallahassee. 

Admission.-  Every  company  desiring  to  J-n^^^J'-r  ^  '"^ 
this  State  must,  before  admission   furnish  the  Suio  Ireasurer 

action  against  such  company  may  be  ma^le  upon  any  agent  o 

pany  in  this  State  and  autbormng  ea^h  -«^^\^l^^^^^,  ^-vice  of 

the  company,  to  "^dimt  service  of  pro^ss,  and  ^Kjo     g  ^^^ 

nrooess  uDon  anv  agent  shall  be  as  valia  ana  om nug  u^tv/ 

Py  i"F  made  ui^i  the  president  or  secretary  thereof. 

=SSrr.r£SHS.5;Sv 


STATUTORY      REQUIREMENTS. 


23 


mt9  per 


ise  each 
li,  show- 
d  within 
two  and 
1  assess- 

aken  on 
ital  state- 
upon  all 
ough  the 

it  exceed- 
3  year,  or 

a  fine  not 
ing  thirty 


le  laws  re- 


)iLsine88  m 
er  — 

epresident 
ion,  capital 

gned  by  its 
in  any  civil 
of  the  com- 
n  behalf  of 
it  service  of 
m  the  corn- 


transacting 
Troaaurer  a 
Q  January. 


Every  agent  shall  procure  a  license  for  each  company  represented 
by  him. 

If  any  company  fails  to  pay  any  judgment  rendered  against  it  in 
this  State,  an  execution  having  been  issued  thereon  and  returned  un- 
satisfied, the  Treasurer,  when  furnished  with  a  properly  certilied  copy 
of  the  record,  shall  forthwith  revoke  all  certificates  of  authority  and 
licenses  to  transact  business  in  this  State  granted  such  company,  and 
shall  publish  notice  of  such  revocation  in  a  newspaper  published  in 
Tallahas.see  or  Jacksonville,  for  at  least  one  week.  Such  company 
shall  not  transact  any  further  business  in  the  State  until  such  judg- 
ment and  all  fees  and  expenses  are  paid. 

Examinations  and  Impairments.— It  is  the  duty  of  the  Board 
of  Insurance  Commissioners  to  examine  into  the  affairs  of  any  com- 
pany doing  business  or  applying  to  do  business  in  this  State,  and 
whenever  the  Treasurer  shall  deem  it  for  the  interest  of  the  public  so 
to  do  he  may  publish  the  result  of  such  examination  in  one  or  more 
newspapers  of  the  State.  Whenever  any  company  shall  be  found 
upon  such  examination  to  be  in  an  unsound  condition,  the  Board  of 
Insurance  Commissioners  shall  revoke  the  certificate  of  authority 
granted  such  company,  and  shall  cause  notice  thereof  to  be  published 
m  some  newspaper  published  at  the  Capital. 

Fire  and  Marine. —  Every  company  must  possess  at  least  one 
hundred  and  fifty  thousand  dollars  in  value  invested  in  United  States 
or  State  bonds,  or  other  bankable  interest-bearing  stocks  of  the  United 
States.  Annual  statement  must  be  filed  in  the  month  of  Januarv  in 
each  year. 

T  ife. — Every  company  must  possess  one  hundred  thousand  dollars 
in  United  States  or  State  bonds,  or  other  bankable  interest-bearing 
stocks  of  the  United  States  at  their  market  value,  or  in  mortgages  on 
unincumbered  real  estate  worth  double  the  amount  loaned  thereon. 

Annual  .,„atement  must  be  filed  in  the  month  of  January  in  each 
year. 

Fees, —  For  filing  each  statement,  five  dollars. 
License  for  agents,  ten  dollars  in  each  county  for  each  company 
represented. 

Taxes. —  An  annual  State  tax  of  two  hundred  dollars  is  required 
to  be  paid  by  each  company. 

Counties,  incorporated  towns,  and  cities  may  impose  license  taxes 
not  exceeding  fifty  per  cent,  of  the  State  license  in  each  county. 

Penalties. —  Every  company  willfully  making  a  false  return  or 
statement,  shall  be  liable  to  a  fine  not  less'than  five  hundred  nor  more 
than  five  thousand  dollars. 

Any  person  violating  any  of  the  provisions  of  law  relating  to  insur- 
ance shall  be  fined  not  exceeding  one  thousand  dollars,  or  imprisoned 
not  more  than  six  months,  or  both. 

ASSESSMENT    INSURANCE. 

The  above  requirements  are  applicable  to  assessment  companies. 


■•■jiiMifHii 


24 


STATUTORY      REQUIREMENTS. 


GEORGIA. 

ILeglglatnre  meets  biennially.    Next  ^esBlon,  Nov.  8, 1886.1 
W.  A.  Wriout,    Comptroller- General,  Atlanta. 
Admission—  Everv  company  desiring  to  transact  bus-ness  in  this 
StattXll   before  admission,  file  with  the  Comptroller  General- 

I  cer^^fied  copy  of  its  chkrter  or  act  of  incorporation;  a  statemen 
under  oath,  shoW  the  name  and  location  of  the  company,  and  Us 
condition  on  the  31.t  day  of  December  then  next  preceding. 

certificates  and  Agents.-TheComptroller.Generalsh^^^^^^^^ 

to  all  companies  complying  with   the  P;:°^^«^«"«.  jfJ^TlrMficates  o 
ttffonts  such  companies   may  appoint  and  commission,  certihcates  oi 
aS  ority    o  "ansa«t  busine'ss  ?i  this  State,  which  .^h^Jl  be  renewed 
annually      Every  agent,  before  transacting  business  m  this  State,  must 
procure  a  license. 

TTirfi  Marine  and  Life.— Every  company  must  possess  at  least 
one^un'drfd  thousanS  doUars,  investe'd  in  bonds  and  foc^.  fitted 
IfLir  m -Ufit  value  or  in  mortgages  on  real  estate,  worth  double 
ttmourfo\tSrsame  is  -rt^      Se.ni.nn^^^^^^^^^^^ 

SttfC:Xefr:lteTru:t"UfiiS^^^^ 

divs  of  jSy  and  January,  or  within  sixty  days  thereafter  and  must 
nSush  a  dupUcate  thereof  in  a  newspaper  of  general  circulation,  pab- 
Fi«h«d  ih  Stown  or  city  in  the  State  where  the  agent  making  tlie 
r«^rt  --s  located  The  above  statement  is  to  be  made  to  the  Governor. 
SllstaSments  must  be  made  to  the  Comptroller-Ge^^^^^^^^^^^^  the 
1st  day  of  January  in  each  year,  or  withm  sixty  days  thereafter. 

TJenosits—LiFE.  All  life  companies  of  other  States  of  the 
Uni?n  or  orforeign  States,  must  show  that  they  have  deposited  with 
the  or'oSIr  officer  of  their  own  State,  or  of  this  State,  not  less  than 
one  hS  efthousand  dollars,  in  such  securities  as  he  may  de^n 
equivalent  to  cash,  subject  to  his  order,  as  a  guarantee  fund  for  the 

"'"FmrA^nSiN^'Must  deposit  with  the  Treasurer  of  this  State 
v^^nHlnf  ti^is  Stote  or  of  the  United  States,  of  the  face  value  of 
Sy-five  tLus^^  dolLs,  before  receiving  license  of  the  Comp- 
troUer-General. 

Fees.—  For  filing  each  statement  of  the  company,  seven  and  one- 

^"'^bt^Sficates  to  agents,  two  and  one-half  dollars.  Also  reciprocal 
provision  in  reference  to  fees. 

Taxes  — Every  company,  and  the  agents  of  every  foreign  com- 

of  July  in  each  year,  a  tax  of  one  per  ceufc.  thereon.     Ji^acn  com 


-^V^itf'wv'ff^ft^'^ 


'nosa  in  this 
leral  — 
a  statement 
i,ny,  and  it3 
f. 

ill  shall  issue 
and  to  all 
irtificates  of 
be  renewed 
I  State,  must 

;ses8  at  least 
cs,  estimated 
rorth  double 
\\  statements 
une.  and  the 
jceeding  first 
3r,  and  must 
lulation,  pub- 
making  tlie 
ho  Governor, 
neral  on  the 
reafter. 

States  of  the 
eposited  with 
not  less  than 
le  may  deem 
fund  for  the 

of  this  State 
face  value  of 
)f  the  Comp- 

leven  and  one- 
\]so  reciprocal 

foreign  com- 
the  presiding 
ler-General,  on 
e  total  amount 
:e  the  first  day 
I.     Each  com- 


1 


STATUTORY      REQUIREMENTS. 


25 


pany  shall  also  pay  a  tax  of  ten  dollars  for  each  agency  in  each  county 
in  wliich  such  agency  does  business. 

Penalties. —  All  persons  convicted  of  violating  any  of  the  pro- 
visions of  law  relating  to  insurance  shall  be  fined  not  loss  than  ono 
hundred  dollars,  nor  more  than  ono  thousand  dollars. 

For  default  in  payment  of  taxes,  five  hundred  dollars,  and  impris- 
onment not  to  exceed  six  months. 

ASSESSMENT    INSURANCE.       r 

Admissions. — Assessment  companies  must  file  copy  of  charter,  or 
articles  of  incorporation;  a  statement  of  its  business  and  condition  for 
the  year  ending  the  preceding  .'51st  of  December;  a  certificate  sworn  to 
by  the  presitient  and  secretary  that  it  ha?  paid,  and  has  the  ability  to 
pay  its  certificates  to  the  full  limit  named  therein;  that  they  are  only 
payable  to  beneficiaries  having  an  insurable  interest;  that  an  ordinary 
assessment  will  pay  a  full  loss;  a  certificate  from  the  proper  officers  of 
its  home  State  that  it  is  legally  entitled  to  do  business  there;  a  copy 
of  its  application,  and  of  its  constitution  and  by-laws. 

It  must  also  execute  a  power  of  attorney  authorizing  some  resident 
of  this  State  to  accept  service  of  process. 

Agents. —  Licenses  must  be  taken  out,  and  must  be  renewed 
annually.  Any  one  who  receives  or  transmits  an  application  other 
than  his  own  is  deemed  an  agent. 

Ainual  Statements  must  be  made  on  or  before  the  first  of 
March  of  business  of  year  ending  preceding  December  thirty-first. 

Fees. —  For  filing  necessary  papers,  and  issuing  licenses  to  agents, 
one  hundred  dollars  annually. 

Penalties. —  For  transacting  business  without  license,  not  less 
than  fifty,  nor  more  thsu  one  hundred  dollars  for  each  oiiense 

Taxes. —  One  per  cent,  on  the  gross  amount  received  for  new 
business  done  in  the  State.  Returns  to  be  made  by  companies  on  or 
before  July  first  for  the  year  ending  April  30th.  This  tax  is  in  lieu  of 
all  other  taxes  except  on  real  and  personal  property. 


ILLINOIS. 


[Legislature  meetj  biennially.    Next  BesBion  January  5, 1887.  ] 
Chas.   p.  ^yiiQTS.P.v,  Auditor  of  Public  Accounts,  S¥miiQVi-&hD. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State  before  admission  must  file  with  the  Auditor  of  Public 
Accounts — 

A  written  application  for  a  license  to  do   business  in  this  State, 

signed  by  its  President  and  Secretary,  with  its  corporate  seal  attached, 

which   statement  shall    contain   the   following   declaration:    That   it 

desires  to  transact  the  business  of  insurance  in  this  State;  that  it  will 

♦ 


26 


8TATUT0HY      KEQIMRKMENT8. 


accept  a  license  therefor,  according  to  the  laws  of  this  State;  thnt  saul 
license  shall  cense  and  terminate  in  case  and  wlienevor  it  sliall  rcniovo. 
or  make  application  to  remove,  into  any  United  States  Court  any 
action  or  proceedinff  oomnienccd  in  any  of  the  State  Courts  of  this 
State  upon  any  claiin  or  cause  of  action  arising  out  of  any  business 
transaction,  in  fact,  done  in  tiiis  State;  any  permission,  consent,  agree- 
ment,  condition,  or  provision  incorporated  in  any  contract,  mortgage, 
note,  bond,  obligation,  or  policy  of  insurance,  authorizing  or  consent- 
ing  to  such  romoval.  to  the  contrary  notwilhstanding. 
And  must  also  file  — 

A  certified  copy  of  its  charter  or  deed  of  settlement. 
A  statement  under  the  oath  of  the  president  or  vice-president,  or 
other  chief  officer  and  .secretary  of  the  company,  showing  tlie  name 
and  location  of  the  company,  the  amount  of  its  capital,  and  its  assets 
and  liabilities  in  detail.  ,       i      i         t 

A  copy  of  the  last  annual  report,  if  any,  made  under  the  law  ot 
the  State  by  which  such  company  was  incorporated.  Such  company 
shall  aimoin't  an  attorney  in  this  State  on  whom  process  of  law  can  be 
served,  and  file  in  the  office  of  the  Auditor  a  written  instrument,  duly 
signed  and  sealed,  certifying  such  appointment,  which  shall  continue 
until  another  attorney  shall  be  substituted. 

Certificates  and  Agents.  — Every  company  must  procure  from 
the  Auditor  of  Public  Accounts  a  certificate  or  license  before  doing 
business  in  the  State.  .      ••<:<* 

Every  agent,  before  transacting  any  business  in  this  State,  must 
procure  fmm  the  Auditor  a  certificate  of  authority,  showing  that  the 
company  for  which  he  acts  has  complied  with  all  the  requirements  of 
law,  and  stating  the  name  of  the  attorney  appointc^d  to  act  for  such 
company,  which  certificate  shall  be  renewed  annually.  Every  agent 
of  a  fire  or  marine  insurance  company,  in  all  advertisements  of  such 
agency,  shall  publish  the  location  of  ^he  company,  giving  the  name  of 
the  city,  town,  or  village  in  which  the  company  is  located,  and  the 
State  or  government  under  the  laws  of  which  it  is  organized.  Every 
agent  of  a  life  insurance  company  shall  exhibit,  in  conspicuous  letters, 
on  the  sign  designating  his  place  of  business,  the  name  of  the  State 
under  whose  authority  tlie  company  is  incorporated,  and  shall  print 
the  name  of  sa,id  State  in  large  type  upon  all  policies  issued  in  this 
State,  and  on  all  placards,  pamphlets,  and  circulars  published,  issued, 
or  circulated  in  this  State  relating  to  the  business  of  such  company. 

Examinations  and  Impairments.  — It  is  the  duty  of  the 
Auditor,  whenever  he  deems  it  expedient,  to  examine  into  the  affairs 
of  any  company  transacting  business  in  this  State.  Whenever  he 
shall  deem  it  for  the  best  interest  of  the  public,  he  shall  publish  the 
result  of  such  examination  in  one  or  more  papers  in  this  State.  If  it 
shall  appear  from  such  examination  that  the  affairs  of  any  company 
are  in  an  unsound  condition,  the  Auditor  shall  revoke  the  certificates 
granted  in  behalf  of  such  company,  and  cause  notice  of  such  revoca- 
tion to  be  published  in  a  newspaper  of  general  circulation  published 
in  the  city  of  Springfield,  and  mail  a  copy  thereof  to  each  agent  of  the 
company. 


STAT  r  TORY      RKQIIIUKMICNTS. 


27 


[e;  tlint  said 
hall  ri!inov(!, 

Court  any 
)urts  of  this 
iny  busiiioHS 
tisent,  ugree- 
t,  mortgage, 

or  coiisent- 


[)rosidcnt.  or 
ig  the  name 
nd  its  assets 

r  the  law  of 
iwli  company 
f  law  can  be 
rument,  duly 
lall  continue 


procure  from 
before  doing 

i  State,  must 
ring  that  the 
juirements  of 
act  for  such 
Every  agent 
dents  of  such 
;  the  name  of 
ated,  and  the 
lized.  Every 
cuous  letters, 
cf  the  State 
id  shall  print 
issued  in  this 
lished.  issued, 

I  company. 

duty  of  the 
ito  the  affairs 
Whenever  he 

II  publish  the 
!  State.     If  it 

any  company 
the  certificates 
■  such  revoca- 
tion published 
:h  agent  of  the 


No  fire  or  marine  company  can  transact  bu.sino.ss  in  this  State  if 
its  (capital  is  impaired  to  the  e.xtc^nt  of  twenty  per  c(!nt.  whih;  such 
impairment  shall  exist.  Lire  comiiaiiies  must  po.sse.ss  assents  equal  to 
their  outstanding  liabilitio.-i  and  prornium  reserve,  computed  as  required 
by  law. 

Every  company  making  any  false  statement  or  report  shall  have 
its  certificates  revoked  and  the  fact  published.  Every  company  trans- 
ferriug  a  cause  to  the  United  States  Court  shall  also  have  its  certifi- 
cates revoked. 

Fire  and  Marine.  —  Every  fire  and  marine  company  doing  busi- 
ness in  Chicago  must  jiosscss  a  paid-up  cash  capital  of  not  ksss  than 
one  hundred  and  fifty  thousand  dollars,  and  doing  business  in  any 
other  part  of  the  Sate  must  j)o.ssess  a  paid-up  cash  capital  of  not  less 
than  one  hundred  thousand  iloUars.  Annual  statements  mu.st  be  filed 
on  the  first  day  of  January  in  each  year,  or  within  thirty  days  there- 
after, showing  the  condition  (jf  the  company  on  the  proceiling  lilst 
day  of  December.  The  Auditor  .shall  cause  such  annual  stateiiients 
to  be  published  in  two  daily  new.spapers  of  general  circulation  not  less 
than  fifteen  days.  One  of  .said  newspapers  shall  be  published  in  Chi- 
cago, and  the  other  in  Springfield.  The  reinsurance  fund  is  computed 
at  the  gross  amount  of  unearned  premiums  on  uiusxpircd  risks. 

Compani<;s  doing  busine.ss  in  tliis  State  are  not  permitted  to  assume 
any  one  risk  greater  than  ten  per  cent  of  their  ])aid-up  capital. 

Every  advertisement,  public  announcement,  sign,  circular,  or  card 
hereafter  issued  by  any  company  or  its  agents  authorized  to  transact 
fire  insurance  business  in  this  State,  purporting  to  show  the  financial 
condition  of  the  company,  shall  exhibit  the  amount  of  capital  actually 
,irtid  in  cash,  and  net  surplus  as  alloweil  by  the  Auditor  of  Public 
Accounts  of  Illinois  over  all  liabilities,  and  shall  show  its  conditions, 
as  exhibited  in  its  last  preceding  statement  to  the  insurance  depart- 
ment of  this  State,  and  siiall  not  claim  or  state  any  fumls  or  assets  to 
be  in  possession  of  such  company  not  actually  possessed  by  it. 

Plate  Glass,  Accident,  and  Steam  Boiler.  —  These  coi.ipa- 
niesare  sul)ject  to  the  same  laws  which  control  lire,  marine,  and  inland 
insurance  companies,  but  are  required  to  have  only  one  hundred  thou- 
sand dollars  capital  actually  paid  up,  and  must  deposit  with  the  State 
Treasurer  of  this  State,  or  the  proper  ollicer  of  the  State  where  the 
company  is  organized,  securities  duly  assigned  in  trust  for  the  benefit 
of  its  policy-holders,  the  market  value  of  which  shall,  at  all  times,  be 
equal  to  one  hundred  thousand  dollars. 

Life.  —  Every  life  insurance  company  doing  business  in  this  State 
must  possess  actual  a.ssots  to  the  amount  of  at  least  one  hundred  thou- 
sand dollars,  properly  invest(;d.  Annual  statements  must  be  filed  on 
or  before  the*  first  day  of  March  in  each  year,  showing  the  standing 
and  affairs  of  the  company  on  the  preceding  31st  day  of  December. 
The  Auditor,  for  good  and  sufliciont  reiisons,  may  extend  the  time  for 
filing  such  statements.  The  Auditor  shall  cause  such  statements  to  be 
publisheil  in  two  daily  newspapers  of  general  circulation  not  less  than 
one  month.  One  of  said  newspajKjrs  shall  be  published  in  Chicago, 
and  tlie  other  in  Springfield, 


ill' 


2g  8TATUTOUY      B  E  Q  U  I  H  IB  M  E  N  T  9. 

Tf  anv  company  shall  transact  business  in  this  State,  and  its  out- 
stanc  ii^  pS  a?o  not  valu.Hl  hy  the  insurance  department  or  p.oper 
office  sot^nv  other  State,  tin,  A.ulitor  shall  nmke  a  vaiual.on  o  t  e 
noicics  of  such  conumnv.  The  l.a.is  of  such  valuation  shall  bo  the 
^.tuaries'  ^icmnbined 'Experience  Table  of  MortaUty,  wuh  interest 
at  four  per  centum  per  annum. 

Foreien  -  Kvery  foreign  company  shall  either  file  with  the 
Aulor  a^^Aifcate  frL.  the'supennlndent  of  t^- InBurance J^'.pa^^ 
men  (.f  Fonie  other  State,  showing  that  a  deposit  of  securities  to  the 
Anoint  or  wo  hundred  thousand  dollars  has  been  "laJ^/f/"^'  'f^' 
Z  v^n  that  State,  for  the  protecti.m  of  all  its  policy-holders  m  the 
Kid  S  a  es  wl  ich  certificates  shall  be  renewed  annually,  or  such 
Xany  Btll'IcKtitwith  the  Auditor  -urities  to  the  amoun  o 
two  hunched  thousand  dollars  for  the  general  benefi    ^n^  «^^;  ' '^^  "^^^ 

on  or  before  the  first  day  of  April  in  each  year,  showing  their  condi- 
tion  on  the  preceding  3l8t  day  of  December. 

Fees. -For  'lling certified  copy  of  charter  or  deed  of  settlement, 

thirty  dollars. 

For  fib'-.ig  annual  statement,  ten  dollars. 

F-     -  ..-h  agent's  certificate  of  authority,  two  '   .liars 

P  ,  ^  •  nnpers  on  t.le  in  the  office  of  the  Auditor,  per  fol  o, 

twenty  for  affixing  the  official  seal  to  such  copy  and  certify. 

^"^Fo'  val  ^"''li?e  policies,  three  cents  for  each  one  thousand 

dollars  of  in>  .:    iCe  valued.  . 

For  examinations,  the  actual  expenses  incurred. 

aL  a  reciprocal  provision  in  reference  to  fees,  greater  than  those 

herein  given. 

Taxes  -Every   agent    of    any   fire   or   marine  company   shall 

«f  v,4a  npt  receiDts  as  such  agent  for  tne  preceuuig  jrcai,  « 

hi  entered  upon  the  tax  list*s  of  such  town,  county,  or  municipality^ 

and  be  subject  to  the  same  rate  of  taxation -State,  county  town  and 

^tSpalifor  all  P-po-  ^  P-son^^^^^^^^^^^       IT^^"^^ 
place  where  such  agency  is  located,     bucn  tax  is 


STAT  IT  TO  KY      KKQUIREMRNTS. 


29 


i  its  out- 
ur  pi  oj)or 
:)ii  of  tlio 
11  bo  the 
1  interest 

with   the 
;o  Depart- 
ies  to  the 
such  com- 
?r8  in  the 
r,  or  such 
iniouiit  of 
iccuiity  of 
icnts  must 
hirty  tiays 
,iiy  on  the 
flice  staie- 
liie  adver- 
statenients 
he  I'nitod 
ive  benefit 

le  resident 
ompany  in 
)r.  shall  be 
thirty  days 
statements 
iheir  coudi- 

settloraent, 


r,  per  folio, 
and  certify- 

le  tbousaad 


r  than  those 

npany  shall 
fficer  of  the 
tlie  amount 
which  shall 
nunicipality. 
,y,  town,  and 
ect  to,  at  the 
.  of  all  town 


and  municipal  licenses,  except  tliat  cities  having  an  organized  fire 
department,  may  levy  a  tux  or  license  fee,  not  exceeding  two  per  cent., 
ujiou  the  gross  premium  receipts  of  auy  nuch  company  in  such  city, 
to  be  applied  exclusively  to  the  wuppt.rt  of  the  (ire  department. 

Also  a  reciprocal  provision  in  reference  to  taxes  greater  than  those 
imposed  by  the  laws  <.f  this  State. 

Penalties.  —  Kvery  fire  or  marine  company  failing  to  fde  state- 
ments as  required  by  law.  or  to  answer  any  inquiry  made  by  the 
Auditor,  shall  be  subject  to  a  penalty  of  five  huiuired  dollars,  and  an 
additional  penalty  of  five  hundred  dollars  for  every  month  such  com- 
pany shall  continue  thereafter  to  transact  business  in  this  State 

Any  violation  of  any  of  the  provisions  of  the  laws  relating  to  insur- 
ant shall  subject  the  offender  to  a  penalty  of  five  hundred  dollars  for 
such  offense. 

Every  life  company  neglecting  to  file  a  statement  within  the  time 
prescribed  by  law  shall  be  subject  to  a  fine  of  one  hundred  dollars 
each  day  such  neglect  continues. 

ASSESSMENT    INSUKAXCE. 

Admission.  —  Assessment  companies  applying  for  admission 
must  deposit  with  the  auditor  a  certified  copy  of  its  charter  or  articles 
of  incorporation,  a  copy  of  its  statement  of  business  for  the  preceding 
year,  sworn  to  by  its  president  and  secretary,  or  like  officers,  showing 
a  detailed  account  of  expenses  and  income,  the  amount  of  life  indem- 
nity in  force,  its  assets  and  liabilities  in  detail,  number  of  members, 
and  a  certificate  sworn  to  by  the  president  and  secretary,  or  lik(!  offi- 
cers, setting  forth  that  an  ordinary  assessment  upon  its  members  is 
sufficient  to  pay  its  maximum  certificate  of  membersliip  to  the  full 
limit  named  therein ;  a  certificate  from  the  State  official  charged  with 
the  enforcement  of  the  insurance  laws,  or,  if  there  be  no  such  official, 
a  certificate  from  the  A  ttorney  General  of  its  home  State  certifying 
that  corporations,  associations,  or  societies  furnishing  life  indemnity  on 
the  assessment  plan,  and  whose  ordinary  assessments  are  sufficient  to 
pay  its  maximum  certificate  in  full,  and  are  chartered  under  the  laws 
of  this  State,  are  legally  entitled  to  do  business  in  its  home  State;  a 
copy  of  its  pol'cy  or  certiOcato  of  membersliip.  application,  and  by-laws, 
which  must  show  that  death  losses  are  in  the  main  provided  for  by 
asse.<<8ment8  upt)n  the  sxirviving  members;  and  it  shall  legally  designate 
a  person  or  agent  residing  in  this  State  to  receive  service  of  process 
for  said  corporation,  or,  in  default  of  such  designation,  that  service  of 
proceK^s  may  be  made  upon  the  Auditor  of  Public  Accounts  of  Illinois, 
who  shall  be  deemed  its  agent  for  that  purpose. 

Examinations.  —  The  Auditor  has  authority  to  examine  compa- 
nies, and  if  found  unsound  or  fraudulent  shall  report  to  the  Attorney- 
General,  who  shall  commence  proceedings  ^^  revoke  its  licen.se. 

Fees.  —  The  Auditor  shall  receive  a  fee  of  twenty-five  dollars  for 
licensing  each  company. 

Penalties.  —  B^or  doing  business  for  unauthorized  companies  a 
fine  of  not  more  than  one  thousand  dollars,  or  imprisonment  for  not 
more  than  one  year,  or  both. 


»l 


30 


■  TATUTOIIY      HKyltRKMKNTS. 


INDIANA. 

[I,cKl»!»ture  meeti'  biennially.    Next  kbi-hIoii  .Inmi«ry  fl,  1H87  ] 

jAMEri  II.   Rue,  Auditor  of  suite,  I.nuianai'ous. 

Admission.  —  Kvery  coinnany  desiSng  to  transact  business  in 
this  Stale  must,  before  iidinission,  poa&ess  at  ''lUHt  two  hiimlnHl  tlioii- 
Band  dollars,  actiinl  ca[)ital,  in  vested  in  tlio  stacks  or  bonds  of  the 
United  States  or  of  tlio  various  States,  or  in  bjnds  secured  by  mort- 
guges  of  uuiiicuinl)(ired  real  estate  worth  doujle  the  amount  of  such 
mortgage      Such  coni|)any  shall  also  iilo  witl-  the  Auditor  — 

A  certitied  copy  of  the  act  of  incorporation  or  charter  of  such 

coin])anv. 

A  statement,  under  the  oath  of  the  president  or  secretary  of  the 
com|)any.  showing  tlie  name,  location,  capital  stock,  and  condition  of 
the  company. 

A  written  instrument,  under  the  seal  of  the  company,  signed  by 
tlie  presichmt  and  secretary,  authorizing  any  agent  of  the  company  to 
acknowh^dge  service  of  process  for  and  in  behalf  of  the  company,  and 
consijiitiiig  that  service  of  process  upon  such  agent  shall  b(?  taken  and 
held  to  be  as  valid  as  if  served  upon  the  company,  according  to  the 
laws  of  this  or  any  other  State,  and  waiving  all  claim  of  error  by  rea- 
son of  such  service;  also  that,  if  at  any  time  the  company  shall  have 
no  agent  in  the  county,  that  service  may  be  made  upon  the  Auditor  of 
State. 

Certificates  and  Agents.  —  Every  agent,  before  transacting 
bus'ness,  shall  procure  from  the  Auditor  a  certificate  of  authority, 
which  shall  be  renewed  semi-annually  upon  filing  with  the  Auditor  the 
semi-annual  statement,  as  required  t)y  law.  The  agents  shall  file  such 
certificate,  together  with  a  certified  copy  of  the  statement  on  which  it 
was  obtained,  with  the  Clerk  of  the  Circuit  Court  of  the  county  in 
which  such  agency  is  estabUshed,  who  shall  preserve  the  same  for 
public  inspection.  [It  has  been  hold  (hat  an  agent  can  only  do  busi- 
ness  in  counties  where  certificate  and  copy  of  statement  have  been 
filed.]  If  anv  company  shall  sustain  any  loss  iipon  policies  issued  in 
this  State,  it  i's  the  duty  of  the  agent  by  whom  the  insurance  was  made 
to  retain  in  his  hands  all  moneys  belonging  to  such  company  which 
may  then  bo  or  thereafter  come  into  his  possession,  until  such  loss  is 
adjusted  and  paid.  The  insured  who  has  suffered  a  lo3s  may  also 
notify  any  other  agent  of  such  company  thereof,  who  shall  in  like 
manner  retain  all  money  belonging  to  such  company  which  is  then  m 
or  shall  thereafter  come  into  his  hands.  If  suit  be  commenced  by  the 
party  insured  against  the  company,  the  agent  may  deposit  in  court 
double  the  amount  mentioned  in  the  policy,  to  abide  the  event  of  the 
suit;  or  if  the  party  insured  shall  not  commence  suit  within  ninety 
days  after  the  agent  shall  have  given  written  notice  to  him  that  such 
loss  will  not  be  paid,  the  agent  may  thereafter  pay  over  the  money  in 
his  hands  to  the  company. 

Fire,  Marine,  and  Life.  —  Statements  shall  be  filed  with  the 
Auditor  semi-annually,  in  the  months  of  January  and  July,  and  tho 


MM 


HTATTTORY     KR()iriREMKNT8. 


31 


Auditor  nhall  cauno  a  copy  nf  8uch  Bpmi.annual  Htatomcnt  to  he  pub. 
liHliod  in  tlu>  two  IcndiuK  daily  nowHpajHjrH  of  the  Stuto  tiuvin^  the 
lnr)jt«'8t  ffi'tHTiil  circulation. 

Foreign.  —  Fori'ij^n  coinpanicH  tnufit  possess  oiio  hundred  thou, 
sand  dollarH,  holil  witiiin  the  United  .*>tatt>8  by  a  citiz<*ii  or  citizens 
thereof  a.*  the  agent  or  agents,  trustee  or  trustees  of  hucIi  coinpanv, 
fj)r  the  protection  aiul  bonelit  of  ita  ijolicy-holders  within  the  United 
States. 

Fees. —  Tor  e.xaniination  of  statements  and  investigation  of  evi. 
dencis  of  investment,  five  dollars. 

For  accepting  service  as  attorney,  three  dollars,  and  for  filing  copy 
of  same,  five  dollars. 

For  each  certificKte  of  aufliority,  two  dollars. 

To  (Mork  of  Court  for  filigg  certificate  and  statement,  fifty  cents. 

To  the  Auditor  all  e.xponses  actually  incurred  in  the  examination 
of  any  insuraiu'e  company. 

i^eciprocal  provision. 

Taxes.  —  Every  company  shall,  in  the  months  of  January  and  July 
in  each  year,  report  to  the  Auditor,  under  the  oath  of  its  president 
and  secretary,  the  gross  amount  of  premiums  received  iu  the  State  for 
the  six  months  preceding,  ending  on  ihe  last  days  of  December  and 
June  in  each  year,  and  shall,  at  tlie  same  time,  pay  the  State  Treasurer 
the  sum  of  thrcM-  dollars  for  every  one  hundred  dollars  of  such  pre- 
miums, less  losses  actually  paid  within  the  State. 

Penalties.  —  Any  pjerson  violating  the  provisions  of  law  relating 
to  insurance  shall  be  fined  not  exceeding  one  thousand  dollars,  or 
imprisoned  in  the  county  jail  not  more  than  thirty  days,  or  both. 
Any  company  neglecting  for  more  than  thirty  days  to  rendiir  an 
account  of  its  premiums  received  and  pay  the  tax  thereon,  as  required 
by  law.  shall  forfeit  one  liundred  dollars  for  each  additional  day  such 
report  and  payment  shall  bo  delayed. 

ASSESSMENT    INSURANCE. 

Admission.  —  Any  company  of  other  State  and  foreign  govern, 
ment  seeking  admission  must  deposit  with  the  Auditor  of  State  a  cer- 
tified copy  of  its  charter  or  articles  of  incorporation;  a  copy  of  its 
statement  of  business  for  the  preceding  year,  with  the  names  and 
residence  of  its  oflBcers,  sworn  to  by  the  president  and  secretary,  or 
like  officers,  showuig  a  detailed  account  of  expenses  and  income,  the 
amount  of  insurance  in  force,  its  assets  and  liabilities  in  detail,  and 
setting  fonh  that  it  has  the  abiUty  to.  pay  its  policies  or  certificates  to 
the  full  limit  named  therein;  a  certificate  from  the  Insurance  Cora- 
missioner  or  from  a  judge  or  clerk  of  a  court  of  record  of  its  home 
State,  certifying  that  corporations  or  associations  insuring  life  on  the 
assessment  plan,  and  paying  policies  in  full  or  providing  accident 
indemnities,  and  chartered  under  the  laws  of  this  State,  are  legally 
entitled  to  do  business  in  its  home  State;  a  copy  of  its  policy  or  certi- 
ficate of  membership,  application,  and  by-laws,  which  must  show  that 


32 


STATU  TORY     HK.gi'lHKMENTH. 


IM 


doatli  losBOH  aro,  in  tho  main,  proviiled  for  by  a«uM8tn((nt  upon  the 
■urvivinn  incrnlmrH;  and  it  nIihII  loyally  dcwiK'niUi  a  p<iMon,  ajr>mt.  or 
attorney  in  fiirt  r.'nidinn  in  tluH  Stuto.  upon  wlii.m  sorvico  of  pr.)Co»8 
for  Hiiid  company  or  artHocuition  may  1>«  inailo,  and  in  <l«faiilt  of  such 
d.-slKnation.  sorvico  of  procens  may  bo  nuvln  upon  tli«  Auditor  of 
Htato  of  this  Statt!.  who  »hall  bo  doomo*!  its  a^.-rit  for  that  purposo, 
and  hd  shall  imin««liat«ly  notify  any  corporation  or  association  Ihui 
served.  It  nhall  also  by  its  officer  exocuto  a  i)oiid,  payable  to  this 
State,  with  two  resident  or  non-resident  sureties  thereon,  for  the  sum 
of  twenty  thousand  dollars,  to  bo  approved  by  tho  Auditor  of  State, 
conditioned  for  the  faithful  discharge  of  its  contracts  with  its  policy- 
holiiers  residing  in  this  State. 

Annual  Statements  must  be  made  and  (iled  previous  to  August 
thirty.lirst. 

Fees.  —  For  admission,  twenty-five  dollars. 

For  liling  annual  statements,  ten  dollars.     This  act  does  not  apply 
to  secret  or  fratorntl  societies. 


11; 


IOWA. 

[I.egli'lntnre  njoeu  biennially.    Next  semlnn  January,  1888] 
J.  L.   Bhown,  Auditor  of  Stale,  DksMoineb. 

Admission.  —  Every  company  desiring  to  transact  business  in  this 
State,  before  admission,  must  file  with  the  Auditor — 

A  certified  copy  of  its  charter  or  deed  of  settlement. 

A  statement,  un.lor  oath,  of  the  president,  vice-president,  or  other 
chief  oflRcer  and  secretary,  of  the  company,  giving  the  name,  location, 
and  capital  stock  of  tho  company,  and  showing  its  condition. 

A  copy  of  tho  last  annual  report,  if  any.  made  by  a  fire  or  marine 
company  under  the  laws  of  tho  State  by  which  such  company  was 
incorporated.  .  »    i  i 

Fire  and  marine  companies  shall  also  file  a  written  instrument,  duly- 
signed  and  sealed,  authorizing  any  agent  of  the  company  to  acknowl- 
edge service  of  process  for  and  in  behalf  of  the  company,  and  consent- 
ing that  service  of  process  upon  any  such  agent  shall  be  taken  and  held 
to  be  valid,  as  if  served  upon  the  company,  and  waiving  all  claim  or 
right  of  error  by  reason  of  such  acknowledgment  or  service. 

Life  companies  shall  appoint  an  attoniey.  or  agent,  on  whom  pro- 
cess of  law  can  be  served,  in  each  county  in  which  the  company  has 
an  agency,  and  file  with  the  Auditor  a  copy  of  such  certificate  of 
appointment.  Such  appointment  shall  continue  in  force  until  another 
attorney  be  substituted.  .      ,     ,    ,  - 

Any  foreign  or  other  State  corporation  sued  or  impleaded  in  any 
of  the  courts  of  this  State  upon  any  contract  made  or  executed  in  this 
State  or  to  bo  performed  in  this  State  or  for  any  act  or  omission, 
public  or  private,  arising,  originating,  or  happening  m  the  State  who 
shall  remove  any  such  cause  from  such  State  court  into  any  of  the 
federal  courts  held  or  sitting  in  this  State,  for  the  cause  that  such  cor- 


upon  the 
,  ii^imt.  or 
of  tiri)CtmB 
It  of  8urh 
Auditor  of 
,t  purp(»«o, 
iition  UiiH 
)lo  to  tliirt 
>r  tho  Hvim 
r  of  Statu, 

its  policy. 

I  to  August 


s  not  apply 


iness  in  this 


nt,  or  other 

10,  location, 

:)n. 

G  or  marine 

inpany  was 

uinent,  duly 
to  flcknowl- 
ind  consent- 
:en  and  held 
all  claim  or 
ce. 

1  whom  pro- 
;ompany  has 
iertificate  of 
ntil  another 

3aded  in  any 
cuted  in  this 
or  omission, 
B  State,  who 
3  any  of  the 
hat  such  cor- 


STATUTORY      RKQIJIRKMICNTi. 


83 


poration  in  a  nonroHident  of  this  State  or  a  nuidont  of  another  Htate 
than  that  of  the  adverse  [tiirty,  or  of  jociil  prejiniice  aKairmt  such  cor- 
p(jr'iti(>n,  bhull  thi'reiipon  I'orleit  mid  render  tiuti  and  void  anv  permit 
iHBUed  or  authority  grunted  to  such  corporation  to  tiansact  husinesM  in 
this  State. 

Certificates  and  AffPntR.  —  Every  •(■(iinpnny  doing  a  firo  or 
marine  buMinesa  in  this  Slate  shiill  proc-iire  fr.ini  the  Auditor,  and  pub- 
lish aiinuiilly  in  two  newKpiipers  of  general  (ircniiiitinn,  one  of  which 
ehdll  Ik*  published  at  the  capital,  a  certillcate  showing  that  such  com- 
pany has  in  all  resjH-ctH  complied  with  tli«  laws  of  the  State  relating 
to  insiirance.  and  containing  a  sinf.enient,  uiid"r  the  oath  of  the  preai- 
<lent  or  secretary  of  such  company,  utatuig  tl.o  actual  amount  of  paid- 
Uft  capital,  the  aggregate  amount  of  asM"ts  and  hiibiiitiea  at  the  date 
of  such  certificate,  tog.'tlmr  with  the  aggregate  income  and  expondi. 
tare  of  such  company  for  the  year  preceding. 

Every  company  doing  n  life  busiiusss  shall  procure  from  tlw  Auditor 
a  (;erti(l^«iit(!  annually,  whicih  shall  be  recorded  in  t.'ie  olli'e  of  the  re- 
forder  of  the  county  in  which  tho  principal  ollice  of  the  com[)any  is 
located  in  this  State. 

Every  agent  of  a  fire  or  marine  company  shall  anmially  procure 
fmm  the  .Auditor  a  certificate  of  authority. 

fcjvery  agent  of  a  life  company  sh.ill  annually  procure  from  the 
Auditor  a  cerlilicate  of  authority,  and  a  certilied  copy  of  such  certifi- 
cate shall  bo  filed  in  the  CDunty  recorder's  ollice  of  the  county  where 
the  odico  of  the  agent  is  located,  and  the  general  agent  shall  procure 
from  the  Auditor,  and  furnish  to  each  local  or  traveling  agent,  a  certi- 
fied copy  of  the  certificate  of  authority  issued  to  the  company. 

Every  agent,  in  all  advertisements  of  his  agency,  shall  imblish  the 
location  of  the  company,  giving  the  name  of  the  city,  town,  or  village 
in  which  the  company  is  located,  and  the  State  or  government  under 
tho  laws  of  which  it  if^  iirganize(l. 

Examination"^  and  Impairments.  —  The  Auditor  may  exam- 
ine the  affairs  and  cujidition  of  any  compfinv  doing  business' in  this 
State,  and  may,  wlienever  ho  deems  it  for  i  lis?  best  interests  of  the 
public,  pi;blish  the  result  of  such  examination  m  one  or  more  papers 
m  this  State. 

If  it  shall  appear  from  such  examination  that  the  .affairs  of  any 
company  doing  fire  or  marine  insurance  business  in  this  State  are  in 
an  unsound  condition,  tho  Auditor  shall  revoke  tho  certificate  granted 
in  behalf  of  such  company,  and  cause  notice  of  such  revocation  to  be 
published  in  some  newspaper  of  general  circulaticm' published  at  Dos 
Moines. 

If  it  shall  appear  from  such  examination  that  the  affairs  of  any 
company  doing  a  life  insurance  business  are  in  an  unsound  condition, 
or  that  proceeding  further  with  its  business  will  be  hazardous  to  the 
public  or  its  pf)!icy-hol(lers.  he  shall  communicate  the  facts  to  the  Attor- 
ney-Geneial,  who  shall  at  once  a:)ply  to  a  .judge  of  the  Supremo  or 
District  Court  to  i-sauo  an  injunction  restraining  such  company  from 
transacting  further  busmess  in  this  State. 

No  fire  or  marine  company  can  transact  business  in  this  State  if  its 


t 


34 


STATUTORY      REQUIREMENTS. 


capital  is  impaired  to  the  extent  of  twenty  per  cent,  thereof,  while  such 
deficiency  continues. 

No  life  company  can  tiaiisact  business  in  this  State  if  its  assets  are 
not  equal  to  its  liabilities,  including  its  premium  reserve,  computed  as 
required  by  law. 

Fire  and  Marine.  —  J^very  company  must  possess  an  actual  paid- 
up  capital  of  two  hundred  thousand  dollars,  exclusive  of  any  assets 
deposited  in  any  State  or  Territory  for  the  special  benefit  or  securiiy 
of  the  insured  tlierein,  but  any  mutual  company  havinfi  two  hundred 
thousand  dollars,  over  and  above  all  liabilities,  including  the  re-insur- 
ance  reserve,  sliall  be  deemed  possessed  of  two  hundred  thousand 
dollars  of  actual  paid-up  capital.  Annual  statements  shall  be  filed  on 
the  first  day  of  Januarv  of  each  year,  or  within  thirty  days  thereafter, 
showing  the  condition  and  affairs  of  the  company  on  the  preceding 
31st  diiy  of  December. 

The  re-insuraiice  fund  is  computed  at  forty  per  cent,  of  the  pre- 
miums received  on  all  unexpired  risks. 

No  company  shall  expose  itself  to  loss  on  any  one  risk  or  hazard  to 
an  amount  exceeding  ten  per  cent,  of  its  paid-up  capital,  unless  the 
excess  shall  be  re-insured  in  some  other  good  and  reliable  company. 

Every  company  shall  submit  the  form  of  its  policy  contracts  to  the 
Auditor,  who  shall  see  that  they  provide  for  the  cancellation  of  the 
same  upon  equitable  terms. 

False  statements,  advertisements,  etc.,  are  prohibited. 
All  insurance  companies  or  associations  shall,  upon  the  issue  or 
renewal  of  any  policy,  attach  to  such  policy  or  indorse  thereon  a  true 
copy  of  any  application  or  representations  of  the  assured  which,  by 
the  terms  of  such  policy,  are  made  a  part  thereof,  or  of  the  contract 
of  insurance,  or  referred  to  therein,  or  which  may  in  any  manner 
affect  the  validity  of  such  policy.  The  omission  so  to  do  shall  not 
render  the  policy  invalid,  but  if  any  company  or  association  neglects 
to  comply  with  the  requirements  of  this  section,  it  shall  forever  be 
precluded  from  pleading,  alleging,  or  proving  such  application  or 
representations,  or  any  part  thereof,  or  falsity  thereof,  or  any  parts 
thereof,  in  any  action  upon  such  policy;  and  the  plaintiff  in  any  such 
action  shall  not  be  required,  in  order  to  recover  against  such  company 
or  association,  either  to  plead  or  prove  such  application  or  rtpresenta- 
tions,  but  may  do  so  at  his  option. 

In  any  suit  or  action  brought  in  any  court  in  this  State  on  any 
policy  of  insurance  against  the  company  or  association  issuing  the 
policv  sued  upon,  in  case  of  the  loss  of  any  building  so  insured,  the 
amount  stated  in  the  policy  shall  be  received  &s  prima  facie  evidence  of 
the  insurable  value  of  the  property  at  the  date  of  the  policy:  prn. 
vider/,  nothing  herein  shall  be  construed  to  prevent  the  insurance  com- 
pany  or  association  from  showing  the  actual  value  at  the  date  of  the 
policy,  and  any  depreciation  in  the  value  thereof  before  the  loss 
occurred:  proviiled  further,  such  insurance  company  or  association  shall 
be  liable  for  the  actual  value  of  the  property  insured  at  the  date 
of  the  loss,  unless  such  value  exceeds  the  amount  stated  in  the  policy. 
And,  in  order  to  maintain  his  action  on  the  policy,  it  shall  only  be 
necessary  for  the  assured  to  prove  the  loss  of  the  building  insared. 


STATUTORY      REQUIREMENTS. 


8S 


while  such 

1  asppls  are 
imputed  as 

ctual  paid- 
any  assets 
)r  security 
o  hundred 
18  re-insur- 
.  thousand 
be  filed  on 
thereafter, 
preceding 

)f  the  pre- 

r  hazard  to 
unless  the 
ompany. 
•acts  to  the 
tion  of  the 


18  issue  or 
reon  a  true 
1  which,  by 
he  contract 
ny  manner 

0  shall  not 
in  neglects 

forever  be 
ilication   or 

any  parts 
in  any  such 
;h  company 
rtpresenta- 

bate  on  any 
issuing  the 
nsured,  the 
evidence  of 
policy :  pro- 
ii  ranee  corn- 
date  of  the 
re  the  loss 
jiation  shall 
at  the  date 

1  the  policy, 
lall  only  be 
ng  insared, 


and  that  he  has  given  the  company  or  association  notice  in  writing  of 
such  loss,  accompanied  by  an  affidavit  stating  the  facts  as  to  how  the 
loss  occurred,  so  far  as  they  are  within  his  knowledge,  and  the  extent 
of  his  loss;  which  notice  shall  be  given  within  sixty  days  from  the 
time  the  loss  occurred:  proinded  further,  that  no  action  shall  be  begun 
within  ninety  days  after  notice  of  such  has  been  given.  All  the  pro- 
visions  of  this  chapter  shall  apply  to  and  govern  all  contracts  and  pol- 
icies of  insurance  contemplated  in  this  chapter,  anything  in  the  policy 
or  contract  to  the  contrary  notwithstanding. 

That  in  every  instance  where  a  fire  insurance  company  or  as-"ocia- 
tion,  doing  business  in  this  State,  shall  li'Teafter  take  a  note  or  con- 
tract  for  the  premium  on  any  insurance  policy,  or  shall  hereafter  take 
a  premium  note  or  contract  which,  by  its  terms,  or  by  any  agreement 
or  rule  of  the  company  or  association,  is  assessable  for  the  premium 
due  on  the  policy  for  which  it  was  given,  such  insurance  company 
or  association  shall  not  declare  such  policy  forfeited  or  suspended 
for  non-payment  of  such  note  or  contract  except  as  hereinafter  pro. 
vided,  anything  in  the  policy  or  application  to  the  contrary  notwith- 
standing. 

Within  thirty  days  prior  to,  or  at  any  time  after  the  maturity  of 
any  note  or  contract,  whether  assessable  or  where  the  time  of  payment 
is  fixed  in  the  contract,  given  for  the  premium  on  any  policy  of  insur- 
ance, such  company  or  association  may  serve  a  notice  in  writing  upon 
the  insured  that  his  note  or  an  installment  thereof  is  due,  or  to  become 
due,  stating  the  amount  which  will  be  due  on  the  note  or  contract, 
and  also  the  amount  required  to  pay  the  customary  short  rates,  includ- 
ing the  expense  of  taking  the  risk  up  to  the  time  the  policy  will  be 
suspended  under  the  notice  in  order  to  cancel  the  policy,  and  that, 
unless  payment  is  made  within  thirty  days,  his  policy  will  be  suspended. 
Such  notice  may  be  served  either  personally  or  by  registered  letter 
addressed  to  the  insured,  at  his  post-office  address  named  in  or  on 
the  policy,  and  no  policy  of  insurance  shall  be  suspended  for  non- 
payment of  such  amount  until  thirty  days  after  such  notice  has  been 
served. 

The  assured  may,  at  any  time  after  the  maturity  of  the  note,  con- 
triwt,  or  installment,  pay  to  the  insurance  company  or  association  the 
customary  short  rates,  including  the  expense  of  taking  the  risk,  and 
the  cost  of  suit  in  case  suit  has  l3een  commenced  or  judgment  rendered 
on  the  note  or  contract,  and  upon  such  payment,  if  ho  so  elect,  his  said 
policy  shall  be  canceled,  and  any  note  or  contract,  or  any  judgment 
rendered  thereon,  shall  be  canceled,  and  shall  be  actually  void  in 
whomsoever  hands  the  same  may  be:  provided,  that  the  assured  may, 
at  any  time  before  cancellation  of  the  policy,  pay  to  the  insurance  com- 
pany or  association  the  full  amount  due  upon  any  note  or  contract, 
and  from  the  date  of  such  payment  the  policy  shall  be  revived,  and 
shall  be  in  full  force  and  effect;  provided,  such  payment  is  made 
during  the  time  stated  in  the  policy  and  before  a  loss  occurs;  and  pro- 
vided further,  that  when  any  insurance  company  or  association  shall 
bring  suit  upon  such  note  or  contract,  and  shall  collect  the  same,  from 
the  date  of  such  collection  the  policy  shall  bo  revived  and  be  in  full 
force  from  the  time  of  such  collection;  provided,  such  cuUectidb  is 


36 


PTATUTORY      REQUIREMENTS. 


made  during  the  time  stntod  in  tlie  policy,  and  before  a  loss  occurs 
Tho  i.rovuuons  of  this  act  shall  apply  to  and  no^^rn  all  contracts  and 
policies  of  insurance  con-emnlatcd  in  thi.  chapter,  anyibmg  m  the 
application  or  poli<y  to  the  contrary  notwithstanding. 

Life  —  EviM-y  comprnv  transacting  business  in  this  State  shall 
possess  at  least  one  iiun.lml  thousand  dollars,  invested  m  stocks  or 
bonds  of  the  United  Slates,  of  tins  St^te.  of  the  State  where  located 
or  of  the  State  where  the  same  are  deposited,  or  loaned  on  bond 
secured  by  niortgatje  of  unencu.nbc.red  real  estate  worth  double  the 
amount  loaned.  «iiuated  within  the  State  where  .t»je  company  is  hjcated. 
Such  stocks  and  securities  shall  Lo  depositcii  with  the  Auditor.  Comp. 
troUer  or  chief  linaneial  office  of  the  State  in  which  such  company  is 
located,  or  of  some  other  State,  and  the  Auditor  furnished  with  a  cer- 
tificate.  under  the  hand  and  ofTi.-ial  seal  of  the  oOicer  holding  sAich 
deposit,  showing  that  he  holds  the  same  in  trust  for  the  beneht  of  a  I 
the  policy-holders  of  such  company,  stating  the  items  of  such  securi. 
tie.«,  and  that  he  beli.  ves  they  are  worth  one  hundred  thousand  dollars 
Annual  statements  shall  be  tiled  on  or  Imforo  the  first  day  of  April 
of  each  year,  showing  the  affairs  and  condition  of  the  company  on  the 
nrecedine  :Mst  dav  ol  Deceinlier.  ,      .  ■p        • 

^  Valuations  shall  be  made  upon  the  basis  of  the  American  Experi- 
ence Table  of  Mortality,  with  interest  at  four  and  one-half  per  cent, 
per  annum,  or  upon  tho  basis  of  tlie  Actuaries  or  combmed  Experience 
Table  of  Mortality,  with  interest  at  four  per  cent,  per  annum. 

if  the  policies' of  any  company  have  lH,en  valued  by  the  proper 
official  <,f  anv  other  State  u,)on  the  basis  above  specified,  the  Audito. 
ZVl  acce|.t  k  certificate  of  such  valuation  as  sufficient  evidence  of  the 
anu'unt  of  premium  reservoof  such  company,  l"  the  absence  of  such 
certifu-at<.,  tbe  Auditor  may  value  the  policies  of  any  c«™  W  d<»ng 
business  in  the  State,  or  may  accei.t.  upon  such  evidence  as  he  shaU 
determine,  a  valuation  made  by  such  company.  .  ,     ,     .       i 

In  all  miits  on  policies  of  life  insurance,  when  the  defendant  seeks 
to  avoid  liability  on  the  ground  of  intemperate  habits  or  habitual 
iit.xTcBtion  hall  be  sufficient  reply  for  the  plamtiif  to  show  that 
U  e  habits  ;f  the  assured  were  generally  known  m  the  commumty 
where  the  agent  of  the  defendant  resided  or  did  business,  if  the  com- 
pany continued  to  receive  premiums  after  such  knowledge. 
^  \  CO.  tificato  ol  health  from  tho  medical  examiner  of  a  life  insur- 
anc..  company,  or  the  physician  acting  as  such  which  declares  the 
a  p  icant  a  fit^subject  for  insurance,  under  the  rules  of  .^uch  company 
8,  dl  estop  the  company  from  setting  up  as  defense  in  s  it  on  such 
pocy.thrtthe  assuiJwas  not  in  the  condition  of  health  required 
by  tlie  policy  at  the  time  of  issuing  the  same,  except  when  such  cer- 
tificate is  procured  by  fraud  or  deceit. 

Fees.  —  For  filing  certified  copy  of  charter,  twenty-five  dollars. 
For  nimg  annual  statement,  twenty  dollai-8.  . 

For  each  cctificate  of  authority  and  certified  copy  thereof,  two 

'^ -'te  every  copv  of  any  paper  filed  in  the  department,  the  sum  of 
tw*ty  cents^per  folio,  and  for  alV.x.ng  tho  official  seal  to  such  copy 
and  certifying  the  Bume,  one  dollar. 


>88  occurs, 
tracts  ninl 
iig  m  tlie 

Itato  8liall 
stocks  or 
•e  located, 
on  bond 
louble  the 
is  located. 
;or,  Conip. 
umiiany  is 
with  a  cer- 
Idinp  such 
nclit  of  all 
ich  seouri. 
nd  dollars. 
ly  of  April 
any  on  the 

:an  Exjieri- 
f  per  cent. 
FiXperience 
rn. 

the  proper 
lie  Auditor 
ence  of  the 
nee  of  such 
pany  doing 
as  be  shall 

ndant  seeks 
or  habitual 
I  show  that 
community 
if  the  com- 

a  life  insur- 
Icclares  the 
;h  company, 
uit  on  such 
th  required 
n  such  cer- 

,'e  dollars. 

ihereof,  two 

the  sum  of 
)  such  copy 


STATUTORY      REQUIREMENTS. 


37 


For  ^valuing  policies  of  life  insurance  companies,  ten  dollars  per 
million  of  insurance,  or  for  any  fraction  thereof. 

For  official  examinations  of  companies,  the  actual  expense  in- 
curred. 

Reciprocal  provision  in  reference  to  fees. 

Tax«s.  —  Every  company,  at  the  time  of  filing  annual  statement, 
shall  ])ay  into  the  State  treasury  a  tax  of  two  and  one-half  per  cent, 
upon  the  gross  amount  of  premiums  received  in  this  State  during  the 
preceding  year,  taking  duplicate  receipts  therefor,  one  of  which  sliall 
be  filed  with  the  Auditor.  Such  tax  shall  be  in  full  for  all  State  and 
local  taxes. 

Penalties.  —  Any  person  or  officer  doing  business  for  any  fire  or 
marine  company  without  complying  with  the  requirements  of  law,  or 
violating  any  of  the  provisions  of  law  relating  to  insurance,  shall  be 
fined  in  a  sum  not  exceeding  one  thousand  dollars,  and  be  imprisoned 
in  tt?  county  jail  for  a  period  not  less  than  thirty  days,  nor  more  than 
six  m  ths.  Every  life  insurance  company  failing  to  file  annual  state- 
ments, and  procure  certificate  of  authority,  as  required  by  law,  shall 
forfeit  one  hundred  dollars  for  every  day's  neglect;  and  any  of  its 
agents  making  insurance,  or  soliciting  applications,  shall  forfeit  three 
hundred  dollars;  and  any  person  acting  for  any  such  company,  with- 
out having  a  certificate  of  authority,  shall  forfeit  twenty-five  dollars 
for  each  day's  neglect  to  procure  such  certificate. 

ASSESSMENT    INSURANCE. 

Admission.  —  Before  admissicm  each  corporation  shall  file  with 
the  Auditor  of  State  a  copy  of  its  charter  or  articles' of  incorporation 
duly  certified  by  the  proper  officers  of  the  State  wherein  organized 
together  with  a  copy  of  its  by-laws,  application,  and  policy  or  certificate 
of  membei-ship.  It  shall  also  file  with  said  Auditor  a  sworn  statement 
signed  and  verified  by  its  president  and  secretary,  which  statement 
shall  contain  the  name  and  location  of  the  said  corporation  or  associa- 
tion, its  principal  place  of  busin.'ss,  the  name  of  its  president,  secretary, 
and  other  principal  officers,  the  number  of  certificates  or  policies  in 
force,  the  aggregate  amount  insured  thereby,  the  amount  paid  to  bene- 
ficiaries in  event  of  death  or  accident,  the  amount  collected  of  each 
member  on  each  assessment,  and  the  purpo.ses  for  which  as.sessments 
are  made  and  the  authority  under  which  they  are  made;  the  amount 
paid  on  the  last  death  loss  and  the  date  thereof,  the  amount  of  cash  or 
other  assets  owned  by  the  company  and  association  and  how  invested; 
and  any  information  which  the  Auditor  may  require.  All  said  state- 
ments and  papers  thus  filed  sliall  show  that  death  or  surrender  value 
of  certificate  of  insurance  or  accident  indemnity  is  in  the  main  pro- 
vided for  by  assessments  upon  or  contributions  by  surviving  members 
of  such  corporation  or  association,  and  shall  show  to  the  satisfaction  of 
said  Auditor  that  said  corporation  or  association  is  legally  o-ganized 
and  honestly  managed,  and  that  an  ordinary  assessment  upon  its  mem- 
bers or  other  regular  contribution  to  its  mortuary  fund,  is  .sufficient  to 
pay  its  maximum  certificate  to  the  full  limit  named  therein.  Such 
foreign   corporation  or  association  shall   also  designate   to  the   said 


38 


STATUTORY     REQUIREMENTS. 


Auditor  an  attorney  or  agent  re-iiding  in  this  State  on  whom  service  of 
process  or  original  notice  may  bo  made;  and  in  the  event  of  a  failure 
to  appoint  or  designate  such  attorney,  sucli  service  may  be  made  upon 
tho  Auditor,  who  shall  at  once  notify  said  company  by  mailing  a  copy 
of  said  notice  to  tho  secretary  of  said  corporation  or  association,  direct- 
ed to  his  last  known  post-office  address.     Any  action  commenced  in 
this  State   by  service  upon  such   attorney  or  Auditor  may  be  com- 
monccd  in  the  county  of  the.  plaintiff's  residence,  regardless  of  the 
residence  of  said  attorney  or  Auditor,  and  every  corporation  or  associ- 
alion  coming  into  this  State  shall  file  with  the  Auditor  of  State  a 
contract  or  agreement  that  it  will  not  transfer  any  action  commenced 
against  it  in  any  court  of  this  State  to  the  United  States  courts,  which 
contract  shall  contain  the  provision  that  if  such  transfer  is  made  to 
the  United  States  courts,  the  certificate  of  authority  issued  by  said 
Auditor  to  do  business  shall  be  revoked  or  canceled,  and  it  shall  be 
the  duty  of  the  Auditor  to  promptly  revoke  the  certificate  of  such 
corporation  or  association  as  soon  as  such  transfer  is  made;  and  such 
corporation  or  association  shall  not  be  permitted  to  do  business  again 
within  th(i  Stale.     Upon  complying  with  the  provisions  of  this  section, 
and  upon  payment  of  twenty-five  dollars,  the  Auditor  shall  issue  to 
such  foreign  corporation  or  association  so  complying,  a  certificate  of 
authority  to   do  business  in  this  State,   provided  the  same  right  is 
extended    by  the   State  in  which  said  corporation  is  organized,  to 
similar  corporations  or  associations  organized  in  this  State. 

Annual  Statements.  —  A  detailed  statement  shall  be  made 
annually  before  the  first  day  of  March,  on  blanks  furnished  by  the 
Auditor,  of  the  condition  of  each  corporation  on  the  thirty-first  day 
of  December  preceding. 

Examinations.  —Auditor  has  power  to  visit  and  examine  com- 

panics. 

Certificates  and  Agents.  —  Companies  and  agents  must  have 
Auditor's  certificate  before  doing  business. 

Foes.  —  For  filing  charter  and  other  papers,  twenty-five  dollars. 
For  annual  statement,  twenty  doUara.  •,  -    *  i 

For  examinations,  five  dollars  a  day  and  actual  traveling  and  hotel 

expenses. 

For  agent's  certificate,  two  dollars* 

All  other  fees  the  same  as  provided  for  life  companies. 

Penalties.  — Taking  or  soliciting  applicationa  for  unauthorized 
companies  is  a  misdemeanor,  and  subjects  offenders  to  a  fine  not 
exceeding  one  hundred  dollars  and  costs.  .... 

Compliance  with  the  act  by  secret  or  fraternal  organizationo  is  not 

compulsory. 


•m  service  of 
of  a  failure 
3  made  upon 
ailing  a  copy 
ation,  direct- 
mmcnced  in 
lay  be  corn- 
•dless  of  the 
ion  or  associ- 
ir  of  State  a 
commenced 
;ourts,  which 
r  is  made  to 
ued  by  said 
d  it  shall  be 
cate  of  such 
de;  and  such 
usiness  again 
E  this  section, 
jhall  issue  to 
certificate  of 
ame  right  is 
organized,  to 
e. 

lall  be  made 
lished  by  the 
lirty-first  day 


examme  com- 

its  must  have 

-five  dollars, 
ling  and  hotel 

BS.' 

•  unauthorized 
to  a  fine  not 

lizationo  is  not 


STATUTORY      11KQUIREMENT8.  39 


KA^SAS. 

[Leglglaturc  meets  biennially.    Next  Soeslon.  January  11, 1887.] 
R.   B.   MoKKJS,   Superinlerident  of  Insurance,  Toi'EKA. 

Admission.—  Every  company  desiring  to  transact  business  in  this 
State  before  admission  shall  file  with  the  Superintendent  of  Insur- 
ance— 

A  certified  copy  of  its  charter  or  act  of  incorporation. 

A  copy  of  the  last  annual  report,  if  any  was  made  under  any  law 
of  the  Stale  and  country  by  which  such  company  was  incorporated. 

A  statement  under  the  oath  of  the  president  or  vice-president 
and  secretary  of  such  company,  showing  the  capital,  location,  and 
condition  of  such  company.  In  case  of  life  companies,  the  statement 
shall  show  the  condition  of  the  company  on  the  preceding  first  day 
of  January. 

Every  company  shall  file  in  the  Insurance  Department  its  written 
consent,  irrevocable,  that  actions  may  be  commenced  against  the  com- 
pany in  any  county  in  the  State  in  which  the  cause  of  action  shall 
arise  or  the  plaintiff  shall  reside,  and  process  served  on  the  Superin- 
tendent of  Insurance,  and  agreeing  that  such  service  shall  be  as  bind- 
mn  as  if  made  upon  the  proper  officer  of  such  company.  Such  written 
consent  must  be  executed  by  the  president  and  secretary  of  the  com- 
pany, authenticated  by  the  seal  of  the  company,  and  accompanied  by 
a  certified  copy  of  a  vote  or  resolution  of  the  board  of  directors  author- 
izing the  president  and  secretary  to  execute  the  same.  The  summons 
in  any  process  against  any  such  company  shall  be  addressed  to  the 
Superintendent  of  Insurance,  and  require  the  defendant  to  ansvver  by 
a  certain  day,  not  less  than  forty  days  from  its  date  The  summons 
shall  be  forwarded  by  the  clerk  of  the  court  to  the  Superintendent, 
who  shall  immediately  forward  copies  thereof  to  the  company  and  to 
its  general  agent,  if   such  agent  reside  in  this  State. 

Certificates  and  Agents. —  Every  company,  before  transact- 
ing business,  must  procure  from  the  Superintendent  a  certificate  of 
authority. 

Every  company  sliall  certify  to  the  Superintendent  the  names  of 
the  agents  appointed  to  act  for  the  company,  and"  such  agents  shall 
receive  a  license  from  the  Superintendent.  Any  company  may  appoint 
a  general  agent  in  this  State  with  authority  to  appoint  other  agents. 
A.  certified  copy  of  such  appointment  shall  be  filed  with  the  Superin- 
tendent. All  certificates  and  hcenses  shall  be  renewed  annually,  and 
shall  continue  in  force  until  the  last  day  of  "t^ebruary  in  each  year. 

Examinations  and  Impairments. —  Whenever  the  superin- 
tendent has  good  reason  to  suspect  the  correctness  of  any  annual 
statement  made  by  any  company,  or  that  any  such  company  is  in  an 
unsound  condition,  he  shall  make  or  cause  to  be  made  an  examination 
into  the  affairs  of  such  company.  Whenever  the  Superintendent  shall 
deem  it  for  tlie  interest  of  the  pubhc,  he  shall  ])ubiish  the  result  of 
such  examination  in  some  newspaper  of  general  circulation  printed  at 
Topeka.     If  it  shall  appear  from  such  examination  or  otherwise  that 


V 


/ 


J 


40 


STATUTORY      KKQUIBEMENTS 


the  alTairs  of  any  company  are  in  an  unsound  con.lition.  ho  .shall 
rovoko  tlie  aulliority  granted  to  such  company  to  do  husincsss  in  tlus 
State,  and  cause  notice  thcr.M.f  to  he  piihlished  ui  at  least  one  news- 
paper published  in  the  city  of  Topeka. 

No  fire  or  maiine  company  can  transact  business  in  tins  >tate  it 
its  capital  i-tock,  after  the  com  [.any  is  char<jred  with  its  proper  liabih- 
lios.  is  impaired  more  than  twenty  per  cent.        ,  .     ^,  ...  , 

No  life  compmy  can  transact  Inisiness  in  this  State  if  its  assets, 
after  being  charged  with  all  proper  liabilities,  are  not  equal  to  its 
premium  reserve  ascertained  as  recjuired  by  law. 

Fire  atid  Marine.—  Every  company  must  possess  a  paid-up  capital 
of  one  hundred  thousand  dollars.  ,     „        ,         ,  ah      i 

Annual  statements  must  be  filed  on  or  before  the  first  day  of  March 
in  each  year,  showing  the  condition  of  the  company  on  the  preceding 
thirty-first  day  of  December.  A  synopsis  of  such  annual  statement 
shall  be  published  in  each  county  where  the  company  has  an  agent, 
showing  the  assets  and  liabilities  of  the  company,  within  si.xty  days 
after  filing  such  statement  ....  . 

The  re-insurance  fund  is  computed  at  forty  per  cent,  of  the  amount 
received  lor  premiums  \i\)Ou  unexpired  risks. 

Life  —Every  company  must  possess  at  least  one  hundred  thousand 
dollars  invesied  in  the  bonds  of  the  United  States,  or  this  State,  or  of 
the  State  by  which   it  is  incorporated,  or  loaned  on  notes  or  bonds 
secured   by  mortgage  of  unincumboied   real  estate  worth  double  the 
amount  loan.d.     Securities  to  the  amount  of  one  hundred  thousand 
dollars  shall  be  deposited  with  the  proper  official  of  the  State  under 
whose  laws  the  company  is  incorporated,  f..r  the  security  ol  the  pohcy- 
holders  of  the  company.     A   certificate  under  the  hand  and  oflicial 
seal  of  the  officer  with  whom  such  deposit  is  made,  showing  the  char- 
acter of  the  securities  deposited  with  him.  that  he  holds  the  same  in 
trust  for  the  benefit  of  the  policy-nolders  of  the  company,  and  that  he 
IS  satisfied  they  are  worth  ..ne  hundred  thousand  dollars,  shall  be  filed 
with  the  Superintendent     Annual  statements  shall  be  hied  on  the  first 
dav  of  January  in  each  year,  or  within  sixty  days  thereafter,  showing 
the  condition  of  the  company  on  the  preceding  thj^rty-f^t   «^y    of 
December      A  svnopsis  of  such  annual      ite.nent  «hall  be  published 
in  each  county  where  the  company  has  an  agent,  showing  the  assets 
and  liabilities  of  the  company,  within  sixty  days  after  filing  bu<^i  state- 
ment     Valuations  are  made  upontiie  American  Experience  Table  of 
•Mortality,  with  interest  at  four  and  one-half   per  cent,   per   annum 
The  Superintendent  shall  o«ce  in  three  years  value  the  policies  of  all 
companies  transacting  business  in  this  State,  if  the  same  are  not  valued 
under  the  provisions  of  the  laws  of  some  other  State  upon  any  b.isi8 
which  will  not  require  a  premium  reserve  less  than  that  provided  by 
the  basis  of  valuation  established  by  the  laws  of   this  State,     if  a 
certificate  of  such  valuation  in  any  other  State  shall  be  furnished  the 
Superintendent,  no  valuation  shall  be  made  m  this  State. 

Foreign  — Everv  company  must  have  invested  in  the  stocks  of 
the  United  States  o'r  some  one  or  more  of  the  States  two  hundred 


STATUTORY      B K Q U I R K M K N T B  . 


41 


3n,  ho  shall 
iKiss  in  this 
t  Olio  news- 

this  ?<lato  if 
roper  liabili- 

if  its  assKfts, 
equal  to  its 

lid -up  capital 

lay  of  March 
le  preceding 
lal  statement 
lus  ail  ajrent, 
n  sixty  days 

f  the  amount 

red  thousand 
3  State,  or  of 
tes  or  honds 
h  double  the 
red  thousand 

State  under 
of  the  policy- 
i  and  oflicial 
nvg  the  char- 

the  same  in 
,  and  that  he 

sliall  be  filed 
3d  on  tlie  first 
ifter.  showing 
-first  day  of 
I  be  publislied 
ing  the  assets 
ng  such  state- 
ence  Table  of 
.  per  annum, 
policies  of  all 
are  not  valued 
ipon  any  b.isis 
it  provided  by 
s  State.     If  a 

furnished  the 


the  stocks  of 
B  two  hundred 


thousand  dollars,  and  such  stocks  must  be  held  by  citizens  of  the 
United  States. 

Life  companies  nuist  deposit  with  the  Treasurer  of  this  State  one 
hundr.-il  thousand  dollars  in  bonds  or  securities  for  the  beiiolit  of  the 
policy-iioiders  of  any  such  company,  citizens,  or  resident.'^  of  the  Unitiid 
States,  or  furnish  th(!  Superintendent  with  a  certificate  from  the 
proper  official  of  some  other  State  showing  thut  a  deposit  of  like 
cliaractor  and  amount  has  been  made  with  hitn  for  the  security  of  the 
pohcy-holders  of  such  company  in  the  United  States. 

Annual  statements  shall  be  filed  on  the  first  day  of  January  in 
each  year,  or  within  sixty  days  thereafter,  showing  the  condition  of 
the  company  on  the  preceding  thirtieth  day  of  June,  and  shall  be 
accompanied  by  a  supplementary  annual  statement  showing  the  condi- 
tion of  the  coinpany  in  the  United  States  on  the  preceding  thirty-first 
day  of  Decemlter.  A  synopsis  of  such  annual  statement  shall  be  pub- 
lished in  each  county  where  the  company  has  an  agent,  showing  the 
assets  and  liabilities  of  the  company,  within  sixty  days  after  filing  such 
statement. 

Fees. — For  filing  cliarter,  fifty-five  dollars. 

For  filing  annual  statement,  fifty  dollars. 

For  each  license  to  agents,  two  dollars. 

For  every  copy  of  a  paper  filed  in  this  office,  twenty  cents  per  folio. 

For  affixing  the  seal  of  office  anil  certifying  any  paper,  one  dollar. 

For  valuation  of  life  policies,  one  cent  for  every  one  thousand 
dollars  of  insurance  valued. 

For  examinations,  the  actual  expenses  incurred.  If  the  exjjenses 
of  the  department  exceed  the  fees  collected,  such  excess^  shall  be 
assessed  equally  upon  all  companies  doing  business  in  the  State,  and 
paid  into  the  Treasurv. 

Each  company  must,  in  addition  to  the  above  fees,  pay  into  the 
State  Treasury  for  the  benefit  of  the  annual  school  fund  the  sum  of 
fifty  dollars  each  year.  Reciprocal  provision  where  other  and  greater 
fees  are  charged  in  other  States. 

Taxes. — Foreign  companies  are  required  to  pay  a  tax  of  two  per 
cent,  annually  on  or  before  the  first  day  of  March  on  all  premiums 
received  in  this  State  for  the  year  ending  on  the  preceding  thirty-first 
day  of  December.  Reciprocal  provision  in  reference  to  taxes  upon 
other  companies. 

Penalties. Every  company  transacting  business  in  this   State 

without  complying  with  the  provisions  of  law,  and  every  agent  acting 
for  any  company  without  procuring  a  license,  shall  be  subject  to  a 
penalty  of  five  hundred  dollars.  Every  violation  of  any  provision  of 
law  relating  to  insurance  shall  subject  the  person  guilty  of  such  viola- 
tion to  a  penalty  of  not  less  than  one  hundred  dollars  nor  more  than 
five  hundred  dollars  for  each  offense. 

ASSESSMENT     INSURANCE. 

Admission. — Company  must  file  with  the  Superintetident  of 
Insurance  a  certified  copy  of  its  charter,  by  laws,  application,  and 

6 


J 


42 


8TAT"T0BY      REQriREMKNTS. 


certificate  of  memberpliip  ;  a  certificate  of  the  proper  officer  in  its  own 
State  that  it  has  complied  willi  tlie  law;  a  l)ond  with  sufficient  suretiea 
in  the  sum  of  fifty  thousand  dollars,  tor  the  honest  and  faithful  man- 
agement by  the  officer  of  the  company's  affairs  ;  a  statement  under 
oath  of  its  chief  officer'^  or  maniiffer  and  secielary  of  all  tlie  facts  and 
items  required  in  the  annual  staiement,  and  that  it  has  paid  and  has 
the  ability  to  pay  its  certificates  to  the  full  limit ;  and  its  written 
consent  irrevocable,  that  service  of  process  may  be  made  upon  the 
Superintendent  of  Insurance. 

There  shall  be  set  aside  and  deposited  with  the  Treasurer  of  this 
State,  by  every  assessment  association  doing  business  in  this  State,  not 
less  than  ten  per  cent,  from  each  assessment  made  for  the  payment  of 
death  claims.  The  net  interest  accruing  upon  such  reserve  shall  be 
placed  to  the  credit  of  the  mortuary  fund,  and  become  a  part  thereof. 
"When  tlie  death  rate  of  said  association  shall  be  in  excess  of  the  Amer- 
ican experience  mortality  table,  or  a  semi-annual  ratio  thereof,  then  and 
in  that  event  the  association  may  draw  on  such  reserve  fund  to  pay 
such  excess.  When  such  reserve  shall  have  accumulated  in  excess  of 
one  per  centum  of  the  insurance  in  force  in  such  association,  such 
excess  may,  by  the  order  of  the  board  of  directors  or  trustees  thereof, 
be  distributed  by  the  Treasurer  of  State  to  the  membere  of  said  asso- 
ciation, for  the  payment  of  assessments. 

These  deposits  are  to  be  made  with  the  Treasurer  quarterly,  and 
must  be  invested  in  United  States  bonds,  Kansas  State  and  School 
bonds,  bonds  of  a  county,  township,  or  municipal  corporation  in  this 
State,  issued  in  conformity  with  law,  or  bonds  and  mortgages  en  unin- 
cumbered real  estate  within  this  State  worth  fifty  per  cent,  more  than 
the  sum  louiied  thereon,  exclusive  of  buildings. 

These  provisions  do  not  apply  to  companies,  associations,  or  corpo- 
rations having  a  paid-up  cash  capital  of  at  least  one  hundred  thousand 
dollars. 

Annual  Statements. — Annual  statements  must  be  filed,  on 
blanks  furnished  by  the  Superintendent,  on  the  first  day  of  January  or 
within  sixty  days  thereafter. 

Licenses. — Licenses  expire  on  the  last  day  of  February, 

Examinations.— The  Superintendent  has  authority  to  exanp.ine 
companies  and  revoke  certificates. 

Fees. — An  Annual  license  of  one  hundred  dollars,  or  pro  rata  from 
the  date  of  certificate  to  the  last  day  of  February  following,  but  in  no 
case  less  than  twenty-five  doUai-s. 

For  filing  certificate,  copy  of  charter,  and  other  preliminary  papers 
and  for  filing  annual  statement,  ten  dollars. 

For  certificate  of  authority  annually,  five  dollars. 

For  each  agent  licensed  annually,  two  dollars. 


in  its  own 
nt  Burutiea 
ihfiil  man- 
lent  under 

facts  and 
[1  and  has 
is  written 

upon  the 

rer  of  this 
State,  not 
taynient  of 
^o  shall  be 
irt  thereof, 
the  Amor- 
f,  then  and 
ind  to  pay 
!i  excess  of 
ition,  such 
les  thereof, 
'  said  asso- 

krterly,  and 
,nd  School 
ion  in  this 
es  on  unin- 
more  than 


8,  or  corpo- 
d  thousand 


e  filed,   on 
January  or 

ry. 

to  examine 

'0  rata  from 
;,  but  in  no 

nary  papers 


BTAT0TORT     BKQOIRBMENTB.  *• 

KENTUCKY. 

[U|ji«I«ture  mccU  blennUlly.    Neil  »e»»lon,  December  81,  1881] 
1,    C.   NoBMAN,  Insurance   Commisnoner,  Prankkout. 

Admission.— Every  company  desiring  to  transact  business  in 
this  State,  before  admission  must  file  with  the  Commissioner— 

A.  certified  copy  of  its  charter,  articles  of  incorporation  or  dood  of 

settlement.  . ,  .  ...  _^ . 

A  statement  under  the  oath  of  its  president,  or  vice-president  and 

secretary,  showing  the  condition  of  the  company. 

A  copy  of  the  last  annual  report,  if  any,  made  under  any  law  or 
the  State  by  which  such  company  was  incorporated. 

A  written  instrument  or  power  of  attorney,  duly  signed  and  sealed, 
authorizing  any  agent  of  the  company  to  acknowledge  service  of  pro- 
cess for  and  in  behalf  of  the  company,  uid  consenting  that  service  of 
process  upon  any  such  agent  shall  be  as  valid  and  binding  as  if  served 

on  the  company. 

If  any  such  company  shall,  without  the  consent  of  the  other  par- 
ties to  any  suit  or  proceeding  against  it  in  any  court  of  this  Slate, 
remove  such  suit  or  proceeding  into  any  Federal  court,  or  if  such  com- 
pany shall  hereafter  institute  ai  y  suit  or  proci'(>ding  against  any  citizen 
of  this  State  in  any  Federal  court,  it  shall  be  the  duty  of  the  Auditor 
forthwith  to  revoke  all  authority  to  such  company  or  its  agents  to  do 
business  in  this  State,  and  to  publish  such  revocation  in  some  news- 
paper published  in  tliis  State. 

Certificates  and  Agents.— The  Auditor,  upon  receiving  a  cer 
tificate  from  the  Insurance  Commissioner,  showing  that  any  company 
has  fully  complied  with  the  requirements  of  law,  and  is  possessed  of 
the  requisite  capital  or  assets,  shall  furnish  to  such  agents  as  the  com- 
pany directs  e  copy  of  the  certificate  of  the  Commissioner,  together 
with  a  license  to  such  agents  to  transact  business  for  such  company. 
The  certificate  of  the  Commissioner  to  the  Auditor  and  copies  of  such 
certificate,  together  with  the  licenses  to  agents,   shall   be   renewed 

annually.  ,    „       ,  ,•  ,  »i. 

Every  agent,  in  all  advertisements  of  his  agency,  shall  publisli  the 
location  of  the  company  he  represents,  giving  the  name  of  the  city, 
town,  or  village  in  which  it  is  located,  and  the  State  or  government 
under  the  laws  of  which  it  is  organized. 

Agents  may  be  licensed  to  place  insurance  in  unauthorized  compa- 
nies under  certain  circumstances,  but  unless  done  under  such  license 
buch  insurance  is  null  and  void. 

Exfvminations  and  Impairments.— The  Commissioner,  when- 
ever he  deems  it  necessary,  may  examine  into  the  affairs  and  condi- 
tion of  any  company  doing  business  in  this  State.  Whenever  it  shall 
appear  to  the  satisfaction  of  the  Commissioner  that  the  affairs  of  any 
such  con.pany  are  in  an  unsound  condition,  or  not  conformable  to  any 
standard  adopted  by  this  State,  or  if  any  company  shall  refuse  to  per 
niit  an  e.iamination,  the  Auditor,  at  the  request  of  Commissioner,  sha 
revoke  tU  certificates  granted  in  behalf  of  such  company,  and  shall 


44 


BTATUTORV     KEQU I RKM KNTB. 


M 


cause  notice  of  siuli  revocation  to  bo  puhlished  in  some  one  or  more 
nowHpHpcrs  of  general  circulation  j.ublmlied  in  the  Htule,  and  a  copy 
thereof   mailed    to   each    agent   of    8ucli   company   licon»od    liy   tie 

Auditor.  ■       u-    a         •# 

No  fire  or  marine  comi'any  can  trangact  business  in  this  htale  if. 
after  the  company  is  cbargoil  wiih  its  proper  liabilities  and  the  amount 
required  by  law  for  a  rc-insuranco  fund,  its  capital  is  impaired  to  the 
extent  of  twenty  per  cent.,  unless  such  impairment  shall  be  made  good 
within  sixty  days.  No  credit  is  given  for  re-insurances  in  unauthorized 
compimies  and  schedules  of  re-insurances  are  required. 

No  life  c()mj)nny  can  transact  business  in  this  State  if  its  assets  are 
not  of  a  net  cash  value  equal  to  its  liabilities,  including  the  premium 
reserve  computed  as  recjuired  by  law. 

Fire  and  Marine.-  Every  company  must  possess  a  paid-up  cash 
capital  of  not  less  than  one  hundred  and  fifty  thousand  dollars. 

Annual  statements  shall  be  filed  on  the  lOlh  day  of  January  in 
each  year,  or  within  one  month  thereafter,  and  shall  show  the  condition 
of  the  company  on  the  preceding  3 let  of  December. 

The  Commissioner  may,  for  good  cause  shown,  extend  the  time  for 
filing  annual  statements. 

The  re-insurance  fund  is  co'r!p"„ed  at  fifty  per  cent,  of  the  gross 
premiums  received  and  receivable  upon  all  unexpired  risks. 

Life. —  Every  company  must  possess  well  invested  assets  to  the 
amount  of  one  hundred  thousand  dollars. 

Every  company  must  file  with  the  Commissioner  the  certificate  of 
the  Superintendent,  Insurance  Commissioner,  or  chief  flnancial  officer 
of  some  other  State,  under  his  hand  and  official  seal,  that  ho  holds  on 
deposit  for  the  benefit  of  all  policy-holders  of  such  company  stocks 
and  securities  to  the  amount  of  one  hundred  thousand  dollars,  stating 
the  character  of  such  securities. 

Annual  statement*  must  be  filed  on  the  10th  day  of  January,  or 
wiihin  sixty  days  thereafter,  showing  the  condition  of  the  company  on 
the  preceding  Hist  day  of  Deceml)er. 

The  basis  of  valuation  m  this  State  is  the  American  Experience 
Table  of  Mortality,  with  interest  at  four  and  one-half  per  cent,  per 

annum.  i-  ■       * 

The  Commissioner  is  required  to  value  the  outstanding  policies  of 
all  companies  doing  business  in  this  State  annually,  if  such  company 
is  not  incorporated  in  a  State  where  there  is  a  regularly  organized 
Insurance  Bureau  or  Department.  In  such  case  if  the  company  shall 
furnish  a  certificate  of  the  Insurance  Commission.^r  or  Superintendent 
in  duo  form  under  seal,  setting  forth  the  existinf,  value  of  all  its  out- 
standing policies,  such  certificate  shall  be  accepted  by  the  Commis- 
sioner, and  no  valuation  of  the  policies  of  such  companies  sVall  be 
made  by  liim.  Such  certificate  is  not  required  to  sliow  a  valuation 
made  upon  any  particular  basis,  provided  the  values  ar«^  not  less  than 
those  on  the  basis  adopted  by  the  State. 

Every  company  must  annually  file  with  the  Commissioner  a  descrip- 
tive bit  of  all  policies  in  force,  and  a  like  list  of  all  policies  which  have 
terminated,  with  the  mode  and  manner  of  termination  and  the  amount 
paid  in  each  caae. 


UTATUTORY     REQCIKEMENT*. 


45 


ne  or  more 
uiid  a  copy 
(od    liy   tie 

lis  Staid  if. 
tho  anioiint 
irerl  to  tlie 
made  good 
nauthoriz<?d 

ia  assets  are 
16  premium 

)aid-up  cash 
lars. 

January  in 
:ie  condition 

the  time  for 

•f  the  gross 

i. 

9sets  to  tho 

ertificate  of 
incial  officer 
ho  holds  on 
ipany  stocks 
liars,  stating 

January,  or 
company  on 

Experience 
ler  cent,  per 

g  pohcies  of 
ch  company 
ly  organized 
mpany  shall 
perintendent 
:  all  its  out- 
he  Commis- 
lies  sVall  be 
a  valuation 
not  less  than 

leradescrip- 
i  which  have 
I  the  amount 


Miscellaneous.— No  company  doing  a  firo  and  marine  business 
can  d(.  a<-(i(ifiit,  plat«'-glass,  live  wtock,  atoiitn  boiler,  guaranty  or  other 
businoNs,  ami  no  company  organized  for  ttm  latter  can  do  ii  (irn  and 
marine  busine8.s.  nor  more  than  one  of  thti  other  cIiihws,  witlioiit  <l('po8- 
iting  one  himdri'd  thousand  dollars  with  tho  f)ro|Hsr  officer  of  the  State 
whiro  organized,  and  tifty  thousand  additional  for  each  kind  of  busi- 
ness transacted. 

Foreign.—  Every  company  doing  a  fire  or  marine  business  shall 
file  with  the  Commissioner  the  certificate  of  the  Auditor.  Comptroller, 
or  chief  financial  officer  of  somo  other  Htato  of  the  United  Slates, 
nider  his  hanti  and  official  8«'al.  showing  that  such  officer  holds  on 
deposit  and  in  trust  for  the  benefit  of  all  tho  policy-holders  of  such 
company  in  tho  United  States  securities  to  the  amount  of  two  hundred 
thousand  dollars. 

In  case  no  such  deposit  is  made  in  any  other  State,  such  deposit 
may  be  made  with  the  Auditor  of  this  State. 

Fees.— 

For  license  to  each  agent  of  a  fire  company,  five  dollars. 

For  license  to  each  agent  of  a  life  com[)anies,  ten  dollars. 

For  original  deposit  of  securities,  ten  dollars. 

Kor  filing  certified  copy  of  charter  or  deed  of  settlement,  forty 
dollars. 

For  filing  annual  statement  of  coridition,  forty  dollars. 

For  filing  any  additional  or  supplemental  statement,  twenty-five 
dollars. 

For  seal  of  office  with  certificate,  one  dollar. 

For  copies  of  any  papers  on  file,  twenty  cents  per  folio. 

For  cost  of  making  valuation",  not  to  exceed  three  cents  for 
every  thousand  dollars  of  insurance  val'iod.  The  reasonable  expv-mses 
of  the  examination  of   aay  company  shall  be  paid  by  the  company 

examined. 

The  Commissioner  is  authorized  to  assess  an  equal  amount  upon 
each  company  doing  business  in  this  State,  to  provida  for  any  deficiency 
in  the  expenses  of  the  bureau. 

Reciprocal  provision. 

Taxes.  —  Every  fire  or  marine  company  shall,  on  the  last  days  of 
June  and  December  in  each  year,  report  under  oath  to  the  Auditor 
the  total  amount  of  all  premiums  received  within  this  State  for  the  six 
monttis  preceding,  and  shall  at  the  same  time  pay  into  the  treasury  of 
the  State  a  tax  of  two  dollars  and  fifty  cents  upon  each  one  hundred 
dollars  of  such  premiums. 

The  Stale  agent  or  manager  of  every  life  compaiiy,  and  when  there 
is  no  State  agent  or  manager,  then  a  special  agent  appointed  for  the 
purpose,  shall  on  the  first  day  of  Jf,nuary  and  July  in  each  year,  or 
within  thirty  days  thereafter,  i  ^Mcn  to  the  Auditor  a  correct  state- 
ment under  oath  of  all  premiums  received  or  receivable  by  any  of  the 
agents  of  the  company  in  this  State,  and  the  amount  of  insurance 
efTected  for  the  six  months  ending  on  tlie  last  days  of  the  preceding 
June  or  December,  or  since  the  last  retnrn  wa6  made.     Eveiy  life  com- 


i 


I 


46 


BTATlITOnV      HEQUIBEMENTB. 


pany  Hhall,  on  or  boforo  the  first  Mondftya  of  February  and  An«ust  in 
each  year,  pay  into  the  Htato  trnasury  a  tax  of  two  dollars  ami  fifty 
cents  upon  each  one  hundred  dollars  not  proiniums  recoived  in  ca«h. 

Penalties.  —  Kvnryagont  of  an  insurance  company  transacting 
business  without  a  liconso  shall  be  subject  to  a  penally  not  exceeding 
one  hundred  dollars. 

Every  ai<eiit  doing  business  for  any  company  after  the  revocation 
of  its  authority  shall  bo  suljjoct  to  a  penalty  not  exceeding  one  hundred 
dollars. 

Any  life  company  doing  business  in  this  State  and  neglecting  to 
make  return  as  required  by  law,  shall  forfeit  ten  dollars  for  each  day's 
neglect. 

Every  fire  or  marine  company  neglecting  for  thirty  days  to  make 
return  of  premiums  and  pay  taxes  as  required  by  law,  shall  forfeit  and 
pay  one  thousand  dollars. 

Every  agont  of  a  life  company  required  to  make  return  and  pay 
tax,  and  neglecting  to  do  so  within  the  time  proscribed  by  law.  shall 
forfeit  twenty-five  dollars.  If  such  agent  neglects  for  ten  days  after 
notice  from  the  Commissioner  to  pay  such  tax,  he  shall  forfeit  five  h-in- 
dred  dollars. 

AHSESSMBNT     INSURANCE. 

Admission.  —  An  assessment  company  applying  for  admission 
must  file  with  the  Insurance  Commissioner  a  certified  copy  of  its 
charter  or  articles  of  incorporation,  a  copy  of  its  statement  of  business 
for  the  year  ending  the  Slst  day  of  the  next  preceding  December, 
sworn  to  by  the  president  and  secretary  or  like  officers  thereof,  setting 
forth  the  number  and  amount  of  certificates  of  memtership  or  policies 
in  force,  and  a  detailed  account  of  its  expenditures,  income,  assets,  and 
liabilities,  and  also  a  certificate  sworn  to  by  the  president  and  secretary, 
or  like  officers  thereof,  setting  forth  that  a  has  paid  and  has  the  ability 
to  pay  its  certificates  or  policies  to  the  full  limit  named  therein;  that  its 
certificates  or  policies  are  payable  only  to  beneficiaries  having  a  legal 
insurable  interest  in  the  'ife  of  the  member  or  insured;  that  an  ordi- 
nary assessment  upon  its  members  is  sufficient  to  pay  its  maximum 
certificate  of  membership  or  policy  theretofore  issued,  it  any,  or  there- 
after to  be  issued  to  residents  of  this  State,  to  the  full  amount  or  limit 
named  therein;  a  certificate  from  the  Insurance  Commissioner,  or 
other  like  officer  charged  with  the  duty  of  executing  or  enforcing  the 
execution  of  the  insurance  laws  of  its  home  State,  certifying  that  it  is 
legally  entitled  to  do  business  in  its  homo  State;  a  copy  of  tlie  applica- 
tion for  membership  or  insurance,  and  of  each  form  thereof,  if  more 
than  one  form  is  used;  a  copy  of  the  form  of  certificate  of  member- 
ship or  policy,  and  each  form  thereof,  if  more  than  one  form  is  used; 
a  copy  of  the  constitution  and  by-laws,  and  of  each  and  every  edition 
thereof,  which  must  show  that  all  indemnities  to  beneficiaries  are  in 
the  main  provided   for  by  assessments  upon  all  surviving  members. 

It  must  also  file  a  power  of  attorney  authorizing  any  and  every 
agent  to  acccipt  service  of  process,  and  also  an  attorney  for  the  State 
who  is  a  resident  thereof.  Removal  of,  or  commencing,  suits  to 
United  States  Courts  forfeits  right  to  do  business  in  the  State. 


g«;am»3»Jt  iOllilllllM»IM>"»il»""»*»'" 


•  TATOTOBY     KRQUIREMRNTfi. 


47 


AiiKUHt  in 
•s  ami  llfty 
[  in  odHh. 

tranaactitiK 
oxctjodinjj; 

rovt>cation 
no  hundred 

glocting  to 
each  day's 

fs  to  make 
forfeit  and 

•n  and  pay 
y  law,  shall 
I  daya  after 
ait  five  hnn- 


r  admission 
sopy  of  its 
of  business 
December, 
•eof,  setting 
)  or  policies 
,  assets,  and 
d  secretary, 
s  the  ability 
3in;  that  its 
ing  a  legal 
hat  an  ordi- 
1  maximum 
ly,  or  there- 
unt  or  limit 
is^onor,  or 
iforcing  the 
ng  that  it  is 
the  applica- 
Bof,  if  more 
of  moraber- 
)rm  is  used; 
very  edition 
iaries  are  in 
g  members. 
r  and  every 
or  the  State 
ig,  suits  to 
tate. 


Statements  and  Lirenws  must  be  renewed  armiially,  and  the 
grni'ial  proviwionH  rcganling  Hupcrviwidii  iirc  the  same  as  those  for  life 
coni|>uniiH.     Fraternal  sociolioH  are  ox^anpt  from  cotiipliance. 

Fees.  —  To  CommiBsionor : 

For  filing  charter  and  other  papcns  wlicn  admittcil,  and  for  all 
licoii8«'B  iwHued  (luring  the  insuing  year,  two  hundred  dollars. 

For  filing  annua!  statoinent  and  for  liccnsos  each  year  thereafter, 
two  hundred  dollars. 

Taxes.  —  <  )no  per  cent,  on  all  moneys  received  in  the  State  on  new 

businc'SH  during  the  year  ending  December  thirty-fi    i. 

Penalties.  —  For  transacting  business  for  companies  not  having 
complied  with  the  law,  a  fine  of  not  less  than  Hffv  nor  more  than  five 
hundred  dollars. 


LOUISIANA. 

[Li>i(l»lature  maeei  bleoDtaltj.    Next  teHtoii,  May,  1888.] 

Oscar  Abkoyo,  Seeretar;/  of  State,  Baton  Rodqi!. 

Annual  Statements  must  bo  made  under  oath  of  presiilent  and 
secretary,  or  resident  manager  of  foreign  company,  during  January  or 
as  soon  thereafter  as  practicable.  Statements  must  be  published  by 
agent  for  one  month  in  two  newspapers  of  the  parish  whore  he  is 
located,  and  must  by  filed  in  the  office  of  the  Secretary  of  State. 

Life  companies  must  fde  with  the  State  Auditor,  annually  on  the 
first  of  January  or  within  ninety  days  thereafter,  a  statement  similar 
to  the  annual  statement  required  by  their  charter  or  by  the  laws  of  the 
State  where  organized. 

Foreign.  —  Every  foreign  company  must  deposit  twonty-flve 
thousand  dollars  with  the  Treasurer  of  Louisiana,  unless  it  has  an 
equal  amount  deposited  in  some  other  State  for  the  protection  of 
all  policy-holders.  It  must  not  take  credit  in  its  statements  or  adver- 
tisements for  any  assets  not  in  the  hands  of  American  trustees,  or 
deposited  for  the  benefit  of  all  pti  icy -holders. 

No  foreign  insurance  company  shall  be  admitted  to  transact  a  fire, 
river,  marine,  or  inland  navigation  insurance  business,  or  take  any 
risks  through  any  agent,  agents,  or  attorney,  until  they  shall  have  filed 
with  the  Secretary  of  State  a  copy  of  their  charter,  officially  verified, 
a  certified  copy  of  a  statement  of  their  afTairs,  a  certified  copy  of  the 
vote  or  resolution  by  whicJh  their  agent  or  agents  were  appointed  in  the 
United  States,  and  this  State,  tog(»ther  with  a  certified  copy  of 
the  trust  deed  or  instrument  under  which  they  are  to  a«t,  defining  their 
powers,  and  if  the  agent  or  agents'  appointment  in  this  State  is  derived 
from  the  general  agent  for  the  United  States,  said  agent  or  agents  shall 
be  further  vested.  "That  service  of  legal  process,  original  mesne  or 
final  en  such  agent  shall  be  taken  and  held  as  valid  as  if  sei-ved  on  tho 
company,  and  that  acknowledgment  of  service  of  such  process  by  him, 
for  or  on  behalf  of  such  company,  shall  be  obligatory  on  it,  and  that 


S' 


48 


( 


8TATUT0KY      R  E  Q  U  r  R  i  M  E  XT  8. 


judgment  recovered  on  such  service  or  aoknowledgment  shall  be  con- 
clusive evidence  of  the  indebtedness  of  the  company." 

Taxes.  —  Foreign  fire  and  marine  companies  are  taxed  upon  their 
capital  as  personal  property,  unless  the  same  pay  a  tax  in  some  other 
State.     The  capital  here  meant  is  the  excess  of  assets  above  liabilities. 

Licenses,  are  based  upon  the  gross  amount  of  premiums  annually 
collected  in  the  State,  and  must  be  paid  to  the  tax  collectors  of  the 
parishes  on  or  before  the  first  day  of  March,  after  which  date  they  bear 
interest  at  the  rate  of  two  per  cent,  a  month.  They  are  divided  into 
classes  as  follows: 

First  class — When  said  premiums  are  three  hundred  thousand 
dollars  or  more,  the  license  shall  be  seventeen  hundred  and  fifty  dol- 
lars ($1,750). 

Second  class — When  said  premiums  are  two  hundred  and  fifty 
thousand  dollars,  and  less  than  three  hundred  thousand  dollars,  the 
license  shall  be  fifteen  hundred  dollars  ($1,500). 

Third  class —  When  said  premiums  are  two  hundred  thousand  dol- 
lars, and  less  than  two  hundred  and  fifty  thousand  dollars,  the  hcense 
shall  be  twelve  hundred  and  fifty  dollars  ($1,250). 

Fourth  class — When  said  premiums  are  one  hundred  and  fifty 
thousand  dollars,  and  less  than  two  hundred  thousand  dollars,  the 
license  shall  be  one  thousand  dollars  ($1,000). 

Fifth  class  —  When  said  premiums  are  one  hundred  thousand  dol- 
lars, and  less  than  one  hundred  and  fifty  thousand  dollars,  the  Hcense 
shall  be  seven  hundred  and  fifty  dollars  ($750). 

Sixth  class  —  When  said  premiums  are  eighty  thousand  dollars, 
and  less  than  one  hundred  thousand  dollars,  the  license  shall  be  seven 
hundred  dollars  ($700). 

Seventh  class  —  When  said  premiums  are  seventy  thousand  dollars, 
and  less  than  eighty  thousand  dollars,  the  license  shall  be  six  hundred 
and  fifty  dollars  ($650). 

Eighth  class — When  said  premiums  are  sixty  thousand  dollars, 
and  less  than  seventy  thousand  dollars,  the  license  shall  be  six  hundred 
dollars  ($600). 

Ninth  class  —  When  said  premiums  are  fifty  thousand  dollars,  and 
less  than  sixty  thousand  dollars,  the  license  shall  be  five  hundred  and 
fifty  dollars  ($550). 

Tenth  class  —  When  said  premiums  are  forty  thousand  dollars,  and 
less  than  fifty  thousand  dollars,  the  licenso  shall  l^  five  hundred 
dollars  ($500). 

Eleventh  c'.jss--  When  said  premiums  are  thirty  thousand  dollars, 
and  less  than  forty  thousand  dollars,  the  license  shall  be  four  hundred 
and  fifty  dollars  ($450). 

Twelfth  class  —  When  said  premiums  are  twenty  thousand  dollars, 
and  loss  than  thirty  thousand  dollars,  the  license  shall  be  four  hundred 
dollars  ($4  00). 

Thirteenth  class —  When  said  premiums  are  ten  thousand  dollars, 
and  less  than  twenty  thousand  dollars,  the  license  shall  be  three  hun- 
dred and  fifty  dollars  ($350). 

Fourteenth  class  —  When  said  premiums  are  less  tlian  ten 
thousand  dollars,  th«  license  shall  be  three  hundred  dollars  ($300). 


all  be  con- 


upon  their 
some  other 
I  liabilities. 

18  annually 
tors  of  the 
B  they  bear 
Lvided  into 

;  thousand 
id  fifty  dol- 

l  and  fifty 
dollars,  the 

Dusand  dol- 
the  license 

1  and  fifty 
dollars,  the 

)usand  dol- 
the  license 

ind  dollars, 
ill  be  seven 

and  dollars, 
ix  hundred 

nd  dollars, 
iix  hundred 

dollars,  and 
mdred  and 

dollars,  and 
re   hundred 

and  dollars, 
)ur  hundred 

and  dollars, 
>ur  hundred 

md  dollars, 
three  hun- 

)  than  ten 
B  ($300). 


gTATITTOIlY     REQUIREMENTS. 


49 


'■■'-mtmmm, 


Every  agent  of  each  insurance  company  or  underwriters'  agency, 
shall  at  the  end  of  each  quarter  of  the  year  make  out  a  statement  and 
file  the  same  with  the  tax  collector,  or  ex  oificp,  ta.x  collector  of  the 
district  or  pariah  wherein  he  or  they  do  business,  showing  the  follow 
ing  facts: 

The  number  of  policies  written  by  naid  agent. 

The  amount  of  risk  covered  by  said  policies. 

The  amount  of  risk  of  each  of  said  policies. 

The  name  of  the  party  or  parties  taking  out  said  policy. 

The  amount  of  premiums  collected  by  said  agent  on  policies. 

The  amount  of  premiums  collected  by  said  agent  on  each  said 
policy. 

The  kind  or  character  of  the  property  covered  by  each  policy. 

Which  sta,tement  shall  be  made  out  and  sworn  to  by  the  agent  or 
officer  of  the  insurance  company  before  some  officer  authorized °by  law 
to  administer  oaths.  Which  statemant  the  tax  collectors  and  ex  officio 
tax  collectors  shall  forward  to  the  Auditor  of  Public  Accounts  within 
ten  days  from  the  date  of  receiving  same,  who  shall  file  said  statements 
in  the  records  of  his  office. 

Agents  are  required  to  post  their  licenses  in  a  conspicuous  place  in 
their  offices. 

Rebates  to  the  assured  are  prohibited  by  law  under  penalties 
of  forfeiture  of  right  to  do  business. 

ASSESSMENT    INSURANCE. 

Assessment  companies  are  exempt  from  compliance  with  the  insur- 
ance laws,  and  from  the  payment  of  license  fees. 


MAINE. 

[Legislature  meets  biennially.    Next  Session.  January  6, 1887.] 
Joseph  O.  Smith,   Insurance  Commissioner,  Skowheqan. 

Admission.  —  Every  insurance  company  desiring  to  transact 
business  in  this  State,  before  admission  must  file  with  the  Insurance 
Commissioner  a  certified  copy  of  its  charter  and  by-laws;  a  statement 
under  oath  signed  by  its  president  or  secretary,  showing  its  financial 
condition.  ° 

Service  of  process  may  be  made  upon  any  authorized  agent  of  such 
company,  and  shall  be  valid  and  binding  upon  the  company.  If  no 
agent  can  be  found  service  may  be  made  on  the  Insurance  Commis- 
sioner and  shall  be  as  valid  as  though  served  on  the  agent.  If  judg- 
ment IS  not  paid  within  thirty  days  after  demand  made  of  agent  or  In- 
surance  Commissioner,  the  Commissioner  on  notice  and  hearing  may 
suspend  the  power  of  the  company  to  do  business  in  this  State.  No 
stipulation  shall  deprive  the  courts  of  this  State  of  jurisdiction  of  ac- 
tions against  any  comnany,  nor  Umit  the  period  before  commencing 
the  same  to  less  than  two  years  from  the  time  the  cause  of  action 
accrues. 

7 


i 


m 


II 


1^ 


50 


BTATDTOBY      K  K  Q  U  I  R  K  M  EN  T  B. 


Certificates  ar  d  -A  gente  —  Every  company  before  transacting 
bumncss  in  tliis  State  n.u.t  procure  a  license  from  the  tominis^ionrr. 
which  shall  HUthorizf  the  company  to  do  business  m  the  State  until  the 
G.-«t  day  of  next  July.  ar.«l  shall  be  renewed  thereafter  annually 

No  ajrent  t>hall  transact  any  business  until  there  has  been  filed  with 
the  Commissioner  a  duphcale  power  of  attorney  from  the  company  or 
its  authorized  agent,  or  a  certificate  from  the  company  authorizing  h.m 
to  act  setting  forth  that  such  person  has  been  duly  appointed  and 
authoHsed  assent  thereof  The  Commissioner  shall  thereupon  issue 
a  license  to  hiin.  which  shall  continue  in  lorce  until  the  lirst  day  of  the 
next  July,  and  may  be  renewed  from  year  to  year  in  like  manner. 
The  knowledge  of  the  agent  of  the  company  in  reference  to  naks 
and  of  omissions  and  misdescriptions,  shall  be  regarded  as  the  knowl- 
edge  of  the  company,  and  as  waived  by  it  the  same  as  if  noted  in  the 

policy. 

Examinations  and  Impairments.- Whenever  the  Commis- 
sioner deems  it  necessHrv  for  the  protection  of  policy-holders,  he  may 
examine  into  the  condition  of  any  company  transacting  business  in 

^'"'iMt^shall  appear  upon  su<h  examination  or  otherwise  that  the 
assets  of  any  fire  or  marine  company  having  a  specific  capital,  after 
Scting  therefrom  the  amount  of  its  liabilities  a„d  a  re-insurance 
fund  as  required  by  law.  do  not  amount  to  more  thai,  three-fourths  of 
ul  capital  stock,  iL  company  shall,  by  assessing  its  stock,  or  m  some 
oTher  way,  fuU;  repair  its  capital,  and  unless  it  do  so  within  three 
months  afler  notice  from  the  Commissioner,  the  Commissioner  shall 
sie^uend  its  richt  to  do  business  in  the  State. 

Whenever  it  shall  appear  that  the  net  cash  funds  of  any  life  insur- 
ance company  are  not  equal  to  its  liabilities,  including  its  premium 
Z^e,  co^iLed  as  required  by  law.  he  shall  g- 'l^^X  .tatr°" 
panv  and  its  agents  to  cease  the  issue  of  policies  within  the  State. 
^Whenever  the  Commissioner  thinks  any  licensed  company  is  in 
failing  condition,  or  unsafe,  he  may,  on  reasonable  notice,  suspend  its 
right  to  do  business  in  the  State. 

Fire  and  Marine.  -Every  stock  company  shall  possess  a  bona 
fide  paid-up  capital  oi  at  least  two  hundred  thousand  dollars,  well 
invested  and  secured,  and  every  mutual  company  shall  possess  cash 

"l^nuaf^trm'Ss  shall  be  filed  on  or  before  the  31st  day  of  Jan- 
uary in  each  year,  and  shall  show  the  exact  condition  of  the  company 
on  t^he  preceding  3 1st  day  of  December.  Such  annual  statement  con- 
Sensed  ^S  be^  published  three  weeks  successively  m  some  daily  or 
weddy  paper,  prmted  in  the  county  where  the  company  has  a  duly 
authorized  agent  or  takes  policies.  ,        „.  i.      *  „ii 

The  re-insurance  fund  shall  be  computed  at  fifty  per  cent,  of  all 
premiums  on  existing  tire  and  inland  risks,  and  the  entire  premium 
on  outstanding  marine  risks. 

T  ife  —Every  company  must  possess  assets  to  the  amount  of  one 
hundred'thousand  dollars,  invested  in  or  secured  by  real  estate,  bonds, 
stocks,  and  other  available  securities. 


L- 


M<"   —^•*-^-.^— 


STATUTORY      REQUIREMENTS. 


fil 


ransacting 
iinissionpr, 
e  until  the 
ally. 

1  filed  with 
smpany  or 
irizing  him 
Dinted  and 
mpon  issue 
day  of  the 
:e  manner. 
2e  to  risks 
the  knowl- 
oted  in  the 

e  Commis- 
3rs,  he  may 
business  in 

!e  that  the 
itpital,  after 
•e-insurance 
3-fourths  of 
or  in  some 
within  three 
sioner  shall 

y  life  insur- 
ts  premium 

to  the  com- 
B  State, 
mpany  is  in 

suspend  its 

Bsess  a  bona 
dollars,  well 
possess  cash 

day  of  Jan- 
the  company 
itement,  con- 
jme  daily  or 
f  has  a  duly 

r  cent,  of  all 
ire  premium 

nount  of  one 
estate,  bonds, 


Annual  statements  shall  be  filed  on  or  before  the  thirty-first  day  of 
January  ii,  each  year,  and  shall  show  the  condition  of  the  companv 
on  the  preceding  3 1st  day  of  iJecom  bar.  *     ^ 

T„hI^%^M''\"t-/'''"'*^i''-  /'  *^^  -^'^tuarics  or  Combined  E.xperience 
lable  of  Mortality,  with  interest  at  four  per  cent,  per  annum 

(The  Commissioner  accepts  a  certificate  of  valuation  from  the 
proper  official  ot  any  other  State  of  the  amount  of  premium  reserve 
computed  upon  the  basis  required  by  law.) 

Licenses.  — Every  company  must  annually  procure  from  the 
Commissioner  a  license,  which  shall  expire  on  the  first  dav  of  Julv  in 
each  year.     Amount  of  license  fee,  twenty  dollars.  ^ 

Fees.  —  For  agent's  ficenses,  one  dollar. 

F©r  examination  of  companies,  the  actual  expenses  incurred. 

'^^f^^-uT,^''®!'^  company,  on  or  before  the  31st  day  of  January 
annually  shall  make  a  return  under  oath  to  the  Insurance  Commis- 
sioner, stating  the  amount  of  all  premiums  received  in  this  State  bv 
the  company  during  the  year  ending  on  the  preceding  31st  day  of 
December,  and  the  amount  to  be  deducted  therefrom  to?  losses  in  this 
btate  during  the  year,  and  for  unused  balances  of  notes  on  open 
policies,  and  tor  return  premiums  on  canceled  policies,  and  for  the 
amount  annually  set  aside  from  premiums  received  in  this  State  on  life 
policies  for  the  reserve  thereon.  Such  company  shall  pay  a  tax  of  two 
per  cent,  upon  the  balance  of  such  premiums  remaining  after  deduc 
tions  as  aforesaid  on  or  before  May  first. 

Penalties.  —  Every  agent  who  acts  for  any  company  without  pro- 
curing a  license  from  the  Commissioner,  shall  be  subject  to  a  nenaltv 
of  not  more  than  fifty  dollars  for  each  offense.  '^         ^ 

If  any  company  or  its  agents,  after  notice  from  the  Commissioner 
to  suspend  its  business  in  the  State,  issue  any  policies  or  do  anv  busi- 
dollar?       ''""P^^y  o"- age»t  shall  forfeit  not  exceeding  two  hundred 

ASSESSMENT    INSURANCE. 

othe^States^  ''''  statutory  regulations  for  assessment  con^panies  of 


MARYLAND. 

[Leglslalnre  meets  biennially.    Next  Session,  January  9. 1888.] 
Jesse  K.  Hines,  Insurance   Commissioner,  Annapolis. 

fT,;.^«f^^^K^?^ f''^''^  company  desiring  to  transact  business  in 

this   State,  before  admission  must  file   with  the  Insurance  Commis- 
sioner —  ^iino 

A  certified  copy  of  its  charter  or  deed  of  settlement 
A  certificate  from  the   Insurance  Commissioner  or  other  proper 
official  of  the  htate  or  nation  where  the  company  is  organized,  sliowing 
that  the  company  is  entitled  to  assume  risks  and  issue  policies 

A  statement  verilied  by  the  signature  and  oath  of  the  President 


1 


n 


52 


STATUTORY     HEQBIRKMENTS. 


I  ! 


or  vice-president  and   secretary  or  actuary,   showing  the   condition 

'""'fZ::!  XZZX^y  authenticated  by  the  con^pany  agreeing 
that  anv  legal  process  affecting  the  company  served  on  the  Insurance 
CommiSr,'or  the  party  designated  by  h™  or  the  agent  specafied 
by  said  company  to  receive  service  of  process  for  the  company,  shall 
have  the  sanfe  effect  as  if  served  personally  on  the  company 

If  such  company  should  cease  to  maintam  an  agency  in  this  State, 
process  affecting  such  company  may  be  thereafter  served  on  the  Com- 

""'tucrstipulation  cannot  be  revoked  or  modified  by  the  company, 

except  that  a  new  one  may  be  substituted. 

A  certificate  of  the  appointment  of  a  general  agent  for  this  State, 
and  a  list  of  agents  authorized  to  transact  business  for  the  company. 

Certificates  and  A  gents. -Every  company,  upon  complying 
with  the  requirements  of  law,  shall  receive  from  the  Insurance  Com- 
mSioner  a'certtficate  of  authority  or  license  Ev-y^^  ^ -^^^^J 
must  obtain  from  the  Commissioner  a  certificate  of  authority.  AU 
certificates  and  licenses  shall  expire  on  Decen.ber  Slst  m  each  year. 

I  xaminations  and  Impairments.  -  Whenever  the  Insurance 
Commissioner  has  reason  to  doubt  the  solvency  or  the  correctness  of 
an?  statement  of  a  company,  he  shall  communicate  «uf  doubts  and 
the  reasons  for  them  to  the  Insurance  Con)mis8ioner  of  the  State  m 
which  he  company  is  located,  and  if  he  is  not  satisfied  with  the  in- 
formation  obtained  from  such  Insurance  Commissioner  or  the  officers 
of  the  company  that  the  condition  of  the  company  is  such  as  to  warrant 
Mm  in  pSmitting  it  to  transact  business,  he  shall  make  an  ,v«mination 

""^  n'anTfi?"  or  marine  company,  after  being  charged  with  its  proper 
liabilities  and  a  re-insurance  fund  as  required  by  law,  has  its  capital 
stock  impaired  to  the  extent  of  twenty-five  percent.,  the  Commissioner 
shall  give  notice  to  the  company  to  make  good  its  whole  capital  stock 
within  sixty  days;  and  if  this  be  not  done,  he  shall  require  the  com- 
nanv  to  cease  to  do  new  business  within  the  State.  ,        v      , 

^  If  any  life  company  doing  business  in  this  Stat^  has  not  on  hand 
assets  equal  to  the  net  value  of  all  its  policies  in  force^  after  all  the 
Xr  debts  of  the  company  and  claims  against  it  have  been  provided 
?or  exclusive  of  capital  stock,  the  Commissioner  shal  publish  the  fact 
ha:t  the  then  existing  condition  of  the  company  is  below  the  standard 
of  safety  required  by  the  laws  of  this  State,  and  he  shall  require  the 
company  to  at  once  cease  doing  new  busmess  within  the  State. 

Fire  and  Marine.  —  Every  stock  company  must  possess  a  capital 
stock  of  at  least  on-  hundred  thousand  dollars.  Annual  statements 
must  be  filed  on  the  first  day  of  January  in  each  year,  or  within  sixty 
Tys  thereafter,  and  shall  show  the  affairs  and  condition  of  the  com- 
nanv  on  the  preceding  31st  day  of  December.  .    .      • 

^  The  Insurance  C'ommissioner  annually  at  the  time  of  issuing 
license  shall  publish  an  abstract  of  the  annual  statement  of  each  com- 
pany doing  business  in  this  State  once  a  week,  for  three  successive 
weeks,  in  a  daily  newspaper  published  in  Baltimoie. 


----iiii^'P'' 


il^ 


STATUTORY      REQUIRKMENTB. 


53 


condition 

y,  agreeing 

Insurance 

it  specified 

ipany,  shall 

y- 

this  State, 
a  the  Com- 

B  company, 

this  State, 
company. 

complying 
ranee  Com- 
t  or  solicitor 
lority.  All 
ach  year. 

e Insurance 
rrectness  of 
doubts  and 
the  State  in 
with  the  in- 
•  the  oflBcers 
a  to  warrant 
xamination 


th  its  proper 
IS  its  capital 
ommissioner 
capital  stock 
ire  the  com- 

not  on  hand 
after  all  the 
>en  provided 
blish  the  fact 
the  standard 
1  require  the 
state. 

sess  a  capital 
il  statements 
■  within  sixty 
1  of  the  com- 

B  of  issuing 
of  each  com- 
ee  successive 


Each  company  shall  publish  in  another  paper  such  abstract  three 
consecutive  tinifs.  such  publication  to  be  made  the  first  time  prior  to 
the  first  day  of  March  in  each  year. 

The  re-msurance  fund  is  computed  at  fifty  per  cent,  of  all  premiums 

on  unexpired  fire-risks  having  less  than  one  year  to  run,  and  a  pro  rata 

of  all  premiums  received  on  unexpired  fire-risks  having  one  year  or 

all  the  premiums  received  on  unexpired  marine  and 

inland  risks. 

Life.  —  Every  company  must  possess  well-invested  assets  to  the 
amount  of  one  hundred  thousand  dollars.  Annual  statements  must 
be  filed  on  the  first  day  of  January  in  each  year,  or  within  sixty  days 
thereafter,  and  shall  show  the  condition  of  the  company  on  the  pre- 
ceding 31  st  day  of  December.  Must  publish  annual  statement  same 
as  in  fire  and  marine,  except  that  the  first  publication  must  be  made 
prior  to  the  first  day  of  April  in  each  year. 

Valuations  are  based  on  the  Amarican  Expenence  Table  of  Mor- 
tality, with  interest  at  four  and  one-half  per  cent,  per  annum. 

The  Commissioner  is  required  to  accept  the  valuation  of  the  Com- 
missioner of  the  State  where  the  company  is  located  or  in  which  it 
elects  to  have  its  policies  valued,  if  such  valuation  be  made  on  sound 
and  recognized  principles  and  a  basis  not  less  than  that  established  by 
this  State.  The  company  shall  furnish  the  Commissioner  a  certificate 
from  the  Commissioner  of  such  State,  showing  the  value  of  all  out- 
standing policies  of  such  company  on  the  preceding  31st  day  of 
December,  and  stating  that  after  all  debts  and  claims  of  the  company 
are  provided  for,  the  company  possesses  assets  equal  to  the  net  value  of 
all  its  policies  in  force,  and  is  authorized  to  do  business  in  its  own 
State. .  Anv  company  that  fails  promptly  to  furnish  such  certificate 
shall  furnish  a  detailed  list  of  its  policies  and  securities. 

Any  company,  association,  partnership,  or  corporation,  granting 
insurance  on  the  lives  of  persons  under  the'  age  of  ten  years,  must 
value  all  its  policies  issued,  on  the  lives  of  persons  under  the  age  of  ten 
years,  in  accordance  with  the  general  legal  rules  for  the  valuation  of 
life  insurance  policies,  based  on  the  mortality  table  known  as  Farr's 
number  three,  for  males;  provided,  that  in  no  case  the  valuation  for 
the  said  policies  on  the  lives  of  persons  under  ten  years  of  age  shall  bo 
less  than  eight-tenths  of  the  weekly  gross  or  office  premiums  thereon 
with  no  credit  for  deferred  net  premiums. 

Each  company  shall  annui'lly  file  a  certificate  showing  a  deposit  of 
one  hundred  thousand  doli.rs,  in  proper  securities,  with  the  chief 
financial  ofiicer  of  the  State  where  the  company  is  organized,  for  the 
benefit  of  all  its  policy-holders. 

Foreign.  —  Arnual  statements  of  the  business  and  condition  of 
the  company,  other  than  that  relating  to  its  affairs  in  the  United  States, 
shall  be  filed  on  or  before  the  first  day  of  July  in  each  year,  and  shall 
show  the  condition  of  the  company  on  the  preceding  31st  day  of 
December.  In  calculating  the  re-insurance  fund  to  determine  the 
right  of  any  such  company  to  do  business  in  this  State,  the  same  shall 
be  computed  only  upon  its  business  in  the  United  States.  "The 
basis"  of  such  re-insurance  fund  so  required  shall  be  the  assets  of 
such  company  held  and  invested  in  the  United  States. 


64 


BTATUTOnV      nEQlMIIKMENTS. 


Feea.  —  For  filing  certifiod  copy  of  charter,  twenty-fivo  dollars. 

For  filing  annual  Btatommit,  twenty-fivo  liullars. 

For  oach  agent's  certificate  of  authority,  ten  dollara;  but  sub-agents 
or  soHcitors  ai)[)()inled  by  the  general  agent  of  a  life  insurance  coinpiiny 
in  this  Stale  ftliall  pay  for  thoir  c(irtifi(;ate.s  of  authority,  two  dollara. 

For  each  abstract  of  annual  statement  for  publication,  two  dollars, 
also  the  actual  not  cost  of  such  publication. 

For  every  copy  of  any  paper  filed  in  thf,  department,  twenty  cents 
per  folio;  and  for  adixing  the  official  seal  to  such  copy  and  certifying 
tho  same,  one  dollar. 

B'or  valuing  policies  of  life  insurance  companies,  thirty  dollars  per 
million  of  insuiance.  or  any  fraction  thereof 

For  official  examination  of  companies  under  this  act,  the  actual 
expenses  incurred. 

Taxes  and  Licenses.  —  Fivery  company,  upon  procuring  from 
the  Commissioner  a  certificate  of  authority  or  license,  shall  pay  into 
the  State  treasury  annually  the  sum  of  two  hundred  dollars,  and 
proportionately  for  any  fraction  of  the  year  it  shall  do  business  in  tho 
State  prior  to  tho  thirty  first  day  of  December  next  after  its  admission. 

Tho  general  agent  or  chief  accounting  officer  of  each  company  shall 
report  under  oath  to  tho  Insurance  Commissioner  the  gross  premiums 
received  and  losses  paid  in  this  State  during  the  last  license  year,  and 
such  company  shall  pay  into  the  treasury  a  tax  of  one  and  one-half 
per  cent,  upon  such  premiums,  less  such  losses,  not  including  in  such 
losses  endowments.     Reciprocal  provision. 

Penalties. —  Any  p(>rson  or  company  violating  any  of  the  provi- 
sions of  law  relating  to  insurance  shall  be  subject  to  a  fine  not  less  than 
•  one  hundred  dollars  nor  more  than  one  thousand  dollars. 

ASSESSMENT    INSURANCE. 

There  are  no  laws  governing  assessment  companiog  of  other  States. 


MASSACHUSETTS. 

[LeglBlatare  meets  anDaklly.    Ne«t  SeisioD,  January  6, 1887.] 
John  K.  Tabbox,  Insurance   Commissioner,  Boston. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission  must  file  with  the  Insurance  Commis- 
.  sioner  — 

A  copy  of  the  charter  of  the  company  duly  certified. 

A  statement  signed  and  sworn  to  by  the  President  and  Secretary 
of  the  company,  in  the  form  prescribed  for  annual  statements. 

Every  company  shall  appoint,  in  writing,  the  Insurance  Commis- 
sioner of  this  State,  or  his  successor  in  office,  to  be  its  true  and  lawful 
attorney  in  this  State,  upon  whom  any  process  may  be  served  with  the 
same  effect  as  if  the  company  existed  in  the  State.  A  copy  of  such 
writing  shall  be  filed  in  the  office  of  the  Insurance  Commissioner. 
Fidelity  insurance  companies  can  be  admitted  to  this  State  if  possessed 
of  not  loss  than  $200,000  capital. 


mm 


•*' 


8TATUT0KY      REQU1UKMENT8. 


53 


e  dollarfl. 

i  sub-a|?onts 
ce  company 

0  dollars, 
two  dollars, 

I'onty  cents 

1  certifying 

dollars  per 
the  actual 

uring  from 
all  pay  into 
iollars.  and 
moss  in  the 
s  admission, 
inpany  shall 
J  premiums 
se  year,  and 
nd  one-half 
ing  in  such 


f  the  provi- 
tot  less  than 


ther  States. 


>N. 

business  in 
56  Commia- 


i  Secretary 
[its. 

ce  Commis- 
I  and  lawful 
ed  with  the 
jpy  of  such 
mmissioner. 
if  possessed 


Certificates  and  Agents.  — Every  agent,  before  tiwisacling 
anv  business,  must  procure  from  tlie  Commissioner  a  certi.cate  of 
auUioriiy  lor  encli  coujpany  for  which  ho  proposes  to  uct,  whicii  s!iall 
continue  in  force  until  the  first  day  of  the  next  April,  and  shall  be 
renewed  on  said  day  and  annually  thereafter  so  long  as  such  company 
continues  business  in  this  State. 

No  person  shall,  as  agent  of  any  foreign  insurance  company,  make 
or  procure  to  be  made  any  insurance  in  this  cnmmonwealth,  until  he 
has  given  a  bond  to  the  Treasurer  of  the  commonwealth,  with  sufhoient 
sureties,  to  be  approved  by  the  Insuriviico  Commisesioner,  whose  approval 
shall  be  indorsed  thereon,  in  the  sum  of  two  thousand  dollars,  with 
condition  that  he  will  make  all  the  returns,  and  pay  all  taxe.s,  fines, 
and  f)enalties.  which,  by  the  provisions  of  the  laws  of  this  common, 
wealth  he  may  bo  required  to  make  and  pay,  according  to  the  require- 
ments  of  such  laws.  Any  person  making  insurance  or  causing  or 
procuring  insurance  to  be  made  in  violation  of  the  provisions  of  this 
Be;;lion  shall  be  punished  by  fine  not  exceeding  one  thousand  dollars  : 
prcvaled,  that  agents  in  this  commonwealth  of  foreign  life-insurance 
companies,  who  are  accountable  to  any  agent  therein  for  premiums 
received,  need  not  give  such  bond.  _ 

Every  agent  shall  exhibit  in  conspicuous  letters  on  the  sign  desig- 
nating his  place  of  business  the  name  i;f  the  State  under  whose  autl  r- 
ity  the  company  he  represerts  is  incorporated.  And  such  company 
and  agent  shall  have  printed  in  large  type  upon  all  policies  issued  in 
this  State,  and  on  all  cards,  pamphlets,  placards,  or  advertisements 
published,  iesued,  or  circulated  in  this  State,  the  name  of  such  State 
and  the  kind  of  business  transacted. 

Examinations  and  Impairments.  — The  Commissioner  may 
at  any  time  examine  the  affairs  of  any  company  transacting  business  in 
this  State,  and  its  directors,  officers,  and  agents  under  oath  in  relation 
to  its  affairs.  He  may  for  sufficient  cause  revoke  the  certificate  of 
authority  granted  on  behalf  of  any  company. 

If  the  assets  of  any  fire  company,  after  setting  aside  a  sum  equal 
to  its  outstanding  liabilities  and  re-insurance  fund,  do  not  amount  to 
more  than  three-fourths  of  its  capital  stock,  the  company  shall  repair 
its  capital  to  the  or'.ginal  amount,  and  faihng  to  do  so  shall  not  be  per- 
mitted to  do  businiss  in  this  State. 

If  the  assets  o/  any  life  company  are  not  equal  to  its  liabilities  and 
premium  reserve  computed  as  required  by  law,  the  Commissioner  shall 
give  notice  to  the  -.ompany  to  discontinue  the  issue  of  new  policies. 

Fire  and  Marine.  —  TLvery  s^ock  fire  company  shall  possess  a 
capital  paid  up  of  not  less  than  two  hundred  thousand  dollars. 

Every  stock  marine  or  fire  and  marine  com|)any  shall  possess  a  paid- 
up  capital  of  not  less  than  three  hundred  tl  ousand  dollars.  Every 
mutual  fire  com pe ay  must  possess  available  fi  nds  over  and  above  all 
liabilities  equal  tc  fifty  per  centum  of  all  prerai  i-.as  received  in  cash  on 
policies  in  force,  and  have  premium  notes  liabli  to  assessment  amount- 
ing to  at  least  two  millions  of  dollars. 

Annual  statements  must  be  filed  on  or  befcre  the  fifteenth  day  of 
January  in  each  vear,  showing  the  condition  o'  the  company  on  the 


-"«.«■ 


■Mf* 


\ 


"W'T? 


56 


8TATUT0KY      BEQIIIBKMENTS. 


pri>ro<ling  thirty-first  day  of   I)o«(Mnl)or.     The  Comtni«ionor  for  caaso 
may  oxtciul  the  time  for  Hhna:  8uci»  statement  to  February  fifteenth. 

The  reinsurance  fund  shall  be  computed  at  fifty  per  cent,  of  the 
premiums  received  on  lire  and  inland  risks  and  full  amount  of  premi- 
ums received  on  marine  risks,  except  upon  yearly  risks,  upon  which 
the  reserve  is  sixty  per  cent. 

The  mayor  and  aldermen  of  the  several  cities  and  the  selectmen  of 
towns  having  more  than  four  thousand  inhabitants  shall,  before  the 
first  day  (jf  Octolwr,  in  the  year  eighteen  hundred  and  seventy-three, 
divide  their  respective  cities  and  towns  into  fire  insurance  districts, 
and  immediately  thereafter  iilo  plans  and  specifications  thereof  with 
the  Insurance  Commissioner,  and  the  same  shall  be  subject  to  liis  ap- 
proval ;  and  if  ho  disapproves  the  same,  the  mayor  and  aldermen  or 
selectmen  shall  forthwith  redistrict  such  city  or  town  in  conformity  to 
his   requirement.      And   no  company  or   association  transacting  the 
business  of  fire  insurance  in  this  Commonwealth  shall  after  said  first 
day  of  October  take  or  have  at  risk  on  properly  other  than  dwelling- 
houses,  farm  buildings,  and  their  contents,  in  any  town  or  such  fire 
insurance  district  of  a  city  or  town  therein,  an  amount  exceeding  its 
net  assets  available  for  the  payment  of  losses  in  Massachusetts;  and 
in  computing  tlic  assets  of  such  company  or  association  insuring  prop- 
erty upon  the  muti'al  principle,  its  premium  notes  shall  be  included. 
When  from  any  cause  the  net  assets  as  aforesaid  of  any  such  company 
or  association  shall  be  reduced  to  a  sum  less  than  the  amount  taken  or 
held  at  risk  in  any  town,  or  any  such  fire  insurance  district  as  provided 
in  this  section,  such  company  or  association  shall  forthwith  either  can- 
cel and  return  to  the  holder  the  unearned  portion  of  the  premium  upon 
policies  upon  property  in  such  territory  to  an  amount  equal  to  the  dif- 
ference between  the  net  assets  and  the  amount  taken  or  held  at  risk,  as 
aforesaid,  or  effect  re-insurance  upon  such  property  for  a  like  sum; 
and  no  such  cancellation  shall  lake  place  except  after  notice  to  the 
holder  of  the  policy.     Every  such  company  or  association  shall  annu- 
ally, on  or  before  the  fifteenth  day  of  January,  return  to  the  Insur- 
ance Commissioner  a  sworn  statement  of  the  amount  taken  or  held  at 
risk  in  each  town,  or  fire  insurance  district  of  a  city  in  this  common- 
wealth,  on  the  thirty-first  day  of   December  next  preceding.     The 
Insurance  Commissioner  may,  whenever  he  deems  expedient,  require 
of  said  companies  or  associations  such  a  statement  or  any  part  thereof; 
he  may  also  require  such  other  information,  and  adopt  such  rules  and 
regulations  as  he  may  deem  proper  and  necessary  to  procure  reliable 
information  upon  this  subject. 

In  all  insurance  against  loss  by  fire,  the  conditions  of  the  insurance 
shall  be  stated  in  the  body  of  the  policy,  and  no  conditions  not  so 
Btat«d  shall  be  considered  a  part  of  the  contract. 

Whenever  any  company  advertises  its  assets  it  shall  in  the  same 
connection  advertise  its  liabilities,  to  be  determinud  as  required  in  the 
annual  st.itoment. 

All  advurtisements  of  capital  shall  show  the  capital  that  has  been 
actually  paid  up  in  cash. 

Policies,  renewals,  signs,  circulars,  cards,  or  other  means  of  public 
announcement  are  held  to  be  advertisements. 


HTATUTDIIY      KKgUIKKMENTS. 


B1 


for  cause 
fteonth. 
it.  of  the 
of  proini- 
>on  which 

Bctmen  of 
lefore  tho 
nty-three, 
districts, 
reof  with 
to  liis  ap- 
ermon  or 
formity  to 
cting  the 
said  first 
dwelling- 
such  fire 
Bcding  its 
setts;  and 
ring  prop- 
included. 
I  company 
t  taken  or 
3  provided 
ait  her  can- 
nium  upon 
to  the  dif- 
at  risk,  as 
like  sum; 
tice  to  the 
hall  annu- 
the  Insur- 
or  held  at 
8  common- 
ling.     The 
nt,  require 
,rt  thereof; 
1  rules  and 
ire  reliable 

3  insurance 
ons  not  so 

1  the  same 
ired  in  the 

it  has  been 

3  of  public 


Mutual  insurance  companies  may  bo  authorized  to  issue  policies  in 
this  Sliito  fo;-  prHniiutiis  wlujlly  piiid  in  cash,  proiu,leif,  that  any  such 
company  cannot  transact  businnss  in  this  8tato,  unless  it  is  possessed  of 
cash  assets  over  and  above  all  liabilities  except  utuiamcd  premiums 
(Kjuiil  to  fifty  per  ci^nt.  of  all  cash  premiums  on  policies  in  force,  and 
that  it  has  premium  notes  liable  to  assessment  equal  to  tho  sum  of  two 
million  dollars. 

No  fire  insurance  company  authorized  to  issue  policies  in  this 
commonwealth,  shall  issue  any  policy  other  than  the  standard  form 
adopted  by  tho  legislature  ex<repting  that  every  such  company  may 
insert  any  provisions  varying  from  tho  provisions  of  tho  said  standard 
policy,  provided  such  provisions  are  printed  upon  separate  slips  or 
riders,  in  type  of  size  not  smaller  than  long  primer,  and  are  accepted 
by  the  insured;  and  that  every  such  slip  or  rider  is  signed  by  him  as 
weil  as  by  an  agent  or  officer  of  such  company  duly  authorized  thereto. 

This  law  does  not  prevent  any  company  authorized  to  insure 
against  damage  by  lightning  from  adding  in  the  clause  in  said  stand- 
ard policy  enumerating  the  perils  insured  against  the  words  "  also  any 
damage  by  lightning,  whether  fire  ensues  or  not,"  and  also  from  add- 
ing in  the  clause  of  said  policy  providing  for  an  apportionment  of  loss 
in  case  of  other  insurance,  the  words  •'  whether  by  lire,  lightning,  or 
both." 

Companies  doing  business  in  Massachusetts  are  not  permitted  to 
re-insure  risks  in  unauthorized  companies.  For  violation  of  this  pro- 
vision the  penalty  is  five  hundred  dollars. 

Life.  —  Every  company  must  possess  available  cash  funds  to  the 
amount  of  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  or  before  the  fifteenth  day  of 
January  in  each  year,  showing  the  condition  of  the  company  on  the 
preceding  thirty-first  day  of  December.  The  commissioner  may 
extend  the  time  for  filing  annual  statements.  The  commissioner  ia 
required  to  annually  calculate  the  present  value  of  all  policies  in  com- 
panies transacting  business  in  this  State.  The  basis  of  such  valuation 
is  the  Actuaries'  or  Combined  Experience  Table  of  Mortality,  with 
interest  at  four  per  cent,  per  annum. 

All  policies  of  life  companies  are  non-forfeitable  after  the  payment 
of  two  premiums.  Upon  the  failure  to  pay  the  third  or  any  subse- 
quent premium  the  policy  is  binding  on  the  company  for  an  amount  of 
paid-up  insurance  which  the  Mien  net  value  of  the  policy,  less  any 
indebtedness  to  the  company  1  the  surrender  charge  will  purchase 
as  a  net  single  premium  for  liii;  or  endowment  insurance,  terminating 
at  the  same  time  or  manner  as  provided  in  the  original  contract. 

The  surrender  charge  is  determined  as  follows,  viz.:  Ujion  the 
assumed  rate  of  mortality  and  interest  the  present  value  of  all  future 
yearl>  cost  of  insurance  wLich  said  policy  is  to  pay  shall  be  calculated, 
aud  eight  per  cent,  of  this  sum  is  the  legal  surrender  charge. 

The  company  shall  also  pay  a  surrender  value  whenever  the  insur- 
able interest  in  the  life  of  the  insured  has  terminated  after  the  pay- 
ment of  two  annual  premiums.  Such  surrender  value  in  cash  shall  be 
ascertained  in  the  same  manner  as  is  provided  for  continuing  the 
policy  in  force  by  the  non-forfeiture  law  hereinbefore  stated. 


r>59S?" 


T 


S9 


BTATITTOHY      nKQUIHEMBNTB. 


Foreign.  —Every  forniKn  fire  insurance  conipfiny  sliall  deposit 
with  I  he  TrciiHUK^r  of  tliiH  Stut»(  or  tho  proinir  ollicor  of  sonio  otiier 
atalt'  tii(^  m.iii  of  two  liumlitiil  iiioiisaiui  ilollure  for  tlio  iM-iitifii  iirui 
security  of  tne  poiicylioldorH  in  the  United  States.  Marine  conipa. 
rics  must  d('ii<iMit  thn'o  'nindrod  thousand  dollars.  Such  doposit  can- 
rot  l)t*  withdrawn  until  ail  policy  ami  oth(!r  obligiUionH  are  satislied. 

Tlui  capital  of  any  wuch  conipiiny  (ion.sints  of  (lie  smuirities  il  has 
on  di'poait  witli  tli«  soveral  insurance  or  other  dopartnicmtH  of  the 
various*  .States,  and  of  the  nt't  assets  in  the  haniJs  of  trustors  n-sidtMits 
and  citiztMis  of  the  United  States,  approved  hy  tho  commissioner,  for 
tho  general  heneht  and  aecurity  of  nl!  policy-holders  in  tho  United 
States.  The  amount  of  any  one  hazard  or  risk  assumed  by  any  audi 
company  in  this  State  shall  bo  limited  to  ten  per  cent,  of  its  caintal  so 
determined.  Annual  statements  vorilied  and  sworn  to  before  t,ome 
Consiil  or  Vice-Consul  of  tho  United  States  by  two  of  tfio  piincipal 
officers  of  the  company  may  be  filed  in  the  month  of  Novend)er  in 
each  year,  showing  the  .'ondilion  and  affairs  of  the  company  for  the 
preceding  calendar  yer.r.  This  statement  is  optional,  but  unless  filed 
no  such  company  shall  make  any  publication,  ai  nouncement,  or  advor- 
tisenient  of  the  same  in  this  commonwealth. 

Supplementary  annunl  statements  shall  be  filed  on  or  before  the 
fifteenth  day  of  January  in  eiich  year,  showing  the  investments  and 
cont-ition  of  the  company  in  the  United  States  tho  preceding  thirty- 
first  day  of  December. 

No  such  company  shall  re-insnre  any  risk  taken  in  this  State  in 
any  company  not  authorized  to  transact  business  in  this  State,  under  a 
penalty  of  five  hundred  dollars. 

Fees.  —  For  filing  certified  copy  of  charter,  thirty  dollars. 

For  filing  statement,  twenty  dollars. 

For  agent's  certificate,  two  dollars. 

For  certificate  of  valuation,  two  dollars. 

For  valuation  of  life  policies,  five  mills  for  each  one  thousand 
dollars  of  insurance  valued. 

For  copies  of  any  paper  on  file  in  the  oflSce  of  the  Commissioner, 
twelve  cents  per  page;  and  for  certifying  the  same,  one  dollar. 

Recii)rocal  provision  in  reference  to  fees. 

Taxes. —  Kvery  agent  of  any  company  (liat)lo  to  pay  a  tax  in  this 
State)  shall,  between  the  first  and  fifU'enth  days  of  November  in  each 
year,  make  to  the  tax  commissioner  a  return,  signed  and  sworn  to  by 
him,  of  the  amount  insured,  premiums  received,  and  assi  .sraents  col- 
lected by  him  for  '.he  year  ending  on  the  preceding  thirty  first  day  of 
October.  The  tax  commissioners  shall  thereupon  notify  each  agent  of 
the  amount  of  tax  due  from  him.  Such  tax  shall  be  paid  to  the 
Treasurer  on  the  tei.th  day  of  December  next  succeeding. 

Every  company  (except  foreign  companies  and  life  companies)  shall 
pay  a  tax  of  two  per  cent,  upon  all  premiums  collected  in  this  State 

Every  foreign  company  shall  pay  a  tax  of  four  per  centum  upon 
all  premiums  collected  in  this  State,  except  that  when  such  company 
shall  sliow  that  it  has  on  deposit,  or  in  the  hands  of  trustees  in  the 
Unittd  States,  securities  of  the  value  of  two  hundred  thousand  dollars, 


T 


hall  deposit 
Homo  otlicr 
iM-iiofit  uni! 
iin«  f()ni|ia. 
cloposit  can- 
Hat  iHt'iod. 
ritieH  it  Idih 
miin  of  tli« 
».  residents 
isHioiHT.  for 
tho  Unitod 
by  any  such 
ta  cai'ital  bo 
)«f()re  bome 
10  piincipal 
ovend)er  in 
any  for  the 
unlesH  filed 
it,  or  adver- 

before  the 
itmonts  and 
(ding  thirty- 

his  State  in 
ate,  under  a 

lars. 


le  thousand 


inmissioner, 
>]lar. 


a  tax  in  this 
liber  in  each 
8Worn  to  by 
.sraents  col- 
rlirst  day  of 
ach  aji^ent  of 
paid  to  the 

panies)  shall 
this  State. 
en turn  upon 
ich  company 
istees  in  the 
■sand  dollars, 


«  TAT  U  TORY      RKQItlRKMBNTH. 


S9 


availiihlo  at  all  times  for  payment  of  lovse.4  in  tlii.4  State,  the  tax  on  the 
premiums  of  such  company  whall  lie  a.sse,m««d  at  only  two  per  (unit. 

liife  oompaiiioH  are  taxiu]  under  provi^ioim  of  reiiproC'd  Mtatutn. 

Keciproca!  provi^iim  in  irfentiice  to  any  oilier  or  j^nater  taxes  than 
thiwe  impomiil  liy  the  laws  of  ihin  .Strtt«<. 

Every  life  insurance  company  doinjj  husiness  in  this  State  is 
required  to  pay  annually  an  excise  tax  of  one-quarter  (^)  of  one  per 
centum  (H)  per  annum  upon  the  not  value  of  all  |»olicins  in  force  ou 
the  .'Mat  day  of  December,  n  xt  precedintf,  held,  by  residents  of  this 
Htate. 

Such  company  must,  on  or  hefore  tho  lOih  day  of  May  annually, 
make  a  return  to  the  lax  commissioner,  under  oath  of  its  pronideiit  and 
secretary,  or  general  agent,  showing  the  number,  date,  and  class  of 
policies  so  held,  the  agf*  of  the  assured  life,  and  their  net  value,  and 
the  combined  aggregate  net  value. 

The  tax  coinmi»sion«!r  shiiU,  ui)on  such  return  and  upon  any 
other  evidence,  assess  and  di-turrnine  tho  amount  to  bo  paid  by  such 
corporation. 

Penalties.  —  A  contract  of  insurance  made  by  any  company  with- 
out complying  with  the  provisions  of  law  shall  be  valid,  but  the  agent 
procuring  the  insurance  shall  be  liable  to  a  fine  not  exceeding  one 
thousand  dollars,  except  that  the  commissioner  may  licciuse  (ou  the 
payment  of  a  fee  of  twenty  dollars)  agents  to  place  insurance  in 
unauthorized  companies.  Such  licensed  agents  must,  however,  in 
each  <'a8«(  file  an  aflSlavit  that  the  insurance  so  placed  cannot  bo  had 
in  authorized  companies  and  must  execute  a  b  md  for  the  payment 
bv  him  to  the  Treasurer  of  the  Commonwealth  of  four  per  cent,  of  the 
premiums  on  such  insurance. 

Any  agent  doing  business  without  procuring  a  (-ertificate  of  author- 
ity, or  failing  to  make  annual  returns,  and  for  various  other  ollonsos, 
is  subject  to  a  penalty  of  five;  hundred  dollars  for  each  offense. 

Any  company  failing  to  file  a  statement  within  the  time  prescribed 
by  law  is  subject  to  a  penalty  of  one  hundred  dollars  for  each  day's 
neglect. 

Every  life  insurance  company  neglecting  to  make  the  return 
required  for  taxation  shall  forfeit  (ifty  dollars  for  each  day  of  such 
neglect,  and  every  such  company  that  makes  any  false  statement  in 
such  return  bhall  pay  a  line  of  not  less  than  live  hundred  nor  more 
than  five  thousand  dollars. 

ASSESSMENT    INSURANCE. 

Admission.  —  Any  corporation  organized  tmder  authority  of 
another  State  or  government  to  issue  policies  or  certilicates  of  life  or 
casualty  insurance  on  the  assessment  plan,  as  a  condition  precedent  to 
transacting  business  in  this  State,  shall  deposit  with  the  Insurance 
Commissioner  a  certified  cojiy  of  its  charter;  as'itement,  under  oath 
of  Its  president  and  secretary,  in  the  form  by  the  Insurance  Coininis 
sioner  required,  of  its  business  for  th(!  preceding  year;  a  ceriilicate, 
under  oath  of  its  [)resident  and  secretary,  that  it  is  paying,  and  for  the 
twelve  months  thi-n  next  preceding  has  paid,  the  maximum  amount 


II 


60 


•  TATDTOKY      KK  (jl'IKKMICNTS. 


naiiiod  in  its  policicH  or  corfilicfttcs  in  full;  a  certificate  from  the  proper 
authority  in  itH  Ixpnio  Stiitct  rliiit  corponitionH  of  thin  i'oriirnotiwi'ajlh, 
eiij^iiKftl  iifi-nrdiiig  to  lln<  piovisioiiH  of  iIiIh  act  in  lif«  or  ciisuiilty 
insurance  on  tlio  aHfcHsintait  plan,  arc  icKftHy  ontitUid  to  do  husincsH  in 
BUch  Sttttji;  a  copy  of  its  jKilicy  or  certiflcato  and  application,  which 
must  show  that  honcfltM  are  provided  for  by  aaMessment  upon  jiolicy  or 
certilicatc  holderw;  evidence  Hatisfactory  to  tlie  Insurai)ce  CoinmiNHionor 
that  the  corporation  iicciiinulateH  a  fund  which  Hhail  ho  at  nil  tiincH  not 
loss  than  the  proceedji  of  one  death  aHHOHsinent  upon  all  policy  or  cer- 
tificate holderH  thereof;  that  such  accumulation  is  permitted  by  the 
law  of  its  incorpoiation.  mid  i8  a  trust  for  the  lienoflt  of  policy  or  cer- 
tificate holders  only,  and  is  securely  invested.  Every  such  corporation 
shall  aNo  a|>potnt.  in  writing,  the  Insurance  Commissioner  its  attorney 
to  aiccirt  service  of  legal  process.  TIk!  Insurance  ComniiBsioner  shall 
thereupon  issue  or  renew  the  authority  of  such  corporation  to  do  busi- 
ness in  this  coinnKmwcalth,  and  such  authority  shall  be  revoked  when- 
ever the  Insurance  (,'ommissioner,  on  investigation,  is  satisfied  that 
such  corporatiim  is  not  paving  the  maximum  amount  named  in  its 
policies  or  certificates  in  full.  Upon  such  revocation  the  (.'(tinmissioner 
shall  cause  notice  thereof  to  be  published  in  the  newspaper  in  v/hich 
the  general  laws  are  published,  and  no  new  business  shall  bo  thereafter 
done  by  it  or  its  agents  in  this  commonwealth.  When  any  other  Slate 
or  country  shuil  impose  any  obligation  upon  any  such  corporation  of 
this  Stat(!,  the  like  obligation  shall  be  imposed  on  similar  corporations 
and  their  agents  of  such  State  or  country  doing  business  in  this  State. 
The  commissioner  has  the  same  right  to  examine  as  is  conferred 
upon  him  in  the  cjise  of  other  comi-atiies,  and  aswssment  companies 
are  subject  to  the  same  fees  and  penalties  as  other  life  insurance 
companies. 


MINNESOTA. 

[  I.oglRUturo  meets  biennially.     Next  SeiDion  Jannary  4, 1887.  ] 
A.   R.   McGiLIi,  Insurance  Commissioner,  St.  Paul. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission  must  file  with  the  Insurance  (Commis- 
sioner—  A  certified  copy  of  its  charter,  deed  of  settlement,  or  articles 
of  incorporation,  or  a  statement  verified  by  the  signature  and  oath  of 
the  president  or  vice-president  and  secretary  or  actuary,  showing  the 
condition  and  business  of  the  company. 

Every  company  sliall  file  with  the  Commissioner  a  written  agree- 
ment signed  by  the  President  and  Secretary,  agreeing  upon  the  part 
of  the  com|)any  that  service  or  process  in  any  civil  action  against  the 
company  may  be  made  upon  such  agent  or  agents  as  it  shall  designate 
in  such  agreement,  or  upon  the  Insurance  Commissioners,  and 
authorize  such  agent  or  agents  to  admit  service  of  process  for  and  in 
behalf  of  the  company,  and  agreeing  that  such  sei^vice  shall  be  valid 
and  binding  upon  the  company. 

There  shall  be  filed  with  the  Commissioner  a  written  stipulation, 
duly  authenticated  by  the  company,  agreeing  that  any  legal  process 


HTATUTORY      KKQIIIHEMKNTS, 


61 


afToctinR  tlin  cotnpnny,  Hprvnd  on  tho  Insiiraiico  CortimisHiorKT,  Bhall 
havn  the  hhiiib  cfTcct  iiH  if  wrvcil  on  the  comi>ntiy.  Siidi  coinpiiny 
miiy  ut  itH  option  ilcsigniili"  in  its  Mtipuliilion  its  principal  of!ico  or 
agt'iicy  ill  thJH  Htale,  and  may  piovitl«  for  Htuvico  to  i-o  inailo  also 
upon  the  person  in  cliargo  of  suctj  ottico. 

All  cjiripanii'M  aro  proliibitod  from  romovitiK  suits  from  tho  State 
to  thf  Federal  courtn,  under  penalty  of  nvocatioM  of  license. 

Certlflcatea  and  Agents,  —  Kvj-ry  conipany  must  procure  from 
the  ('omniisHioner  u  certilicute  of  authority,  showing  that  it  hiis  com- 
plied  witli  the  roqiiireiiients  of  the  law  of  this  State,  and  is  entitled  to 
aBBume  risks  and  issue  policit^s.  Such  certiflcato  shall  bo  published  in 
conmction  with  the  annual  stutonient. 

Every  agent  must  procure  from  the  t'ommisaioner  a  certificate  of 
authority  before  transacting  any  business  in  this  State. 

kSuch  certificate  must  be  renewed  annually,  within  sixty  days  from 
the  first  day  of  January 

Kvery  company  and  agent  in  all  advertisemerts  of  tho  company  or 
agency  in  this  Slate  shall  publisli  the  location  of  tho  company,  giving 
the  name  of  the  city,  town,  or  village,  and  State,  in  which  it  is  located, 
and  in  all  advertisements  and  circulars  in  which  the  capital  of  tho 
company  is  stated,  the  amount  at  risk  the  preceding  thirty-first  day  of 
Decemljer  shall  be  stated. 

Soliciting  agents  for  fire  insurance  must  be  residents  of  the  State. 

Examination  and  Impairments.  —  The  Commissioner  may  ex- 
amine or  cause  to  be  examined,  the  affairs  of  any  company  doing 
business  in  this  State,  whenever  in  his  opinion  the  interests  of  tho 
policy-holders  require  it,  lie  may  publish  tho  rof-ult  of  any  examina- 
tion, when  in  his  opinion  the  interests  of  the  public  rccjuiro  it.  lie 
shall  suspend  tho  business  of  any  company  in  this  State  whenever  its 
assets  appear  to  him  insufTicient  to  justify  its  continuance  in  business, 
by  suspending  or  revoking  the  certificates  granted  by  him  to  such 
company  or  its  agents,  and  shall  give  notice  of  such  action  to  the  in- 
surance officials  of  every  other  State,  and  publish  notice  thereof  in 
the  papers  in  which  by  law  State  notices  aro  required  to  be  publis-hed. 

A  fire  or  marine  company  cannot  transact  business  in  this  State  if 
after  providing  for  all  claims  against  it  and  a  re-insurance  fund  as 
required  by  law,  its  capital  stock  is  impaired  to  the  extent  of  ten  per 
cent ,  unless  such  impairment  be  made  good  within  sixty  days. 

A  life  company  cannot  transact  business  in  this  State,  if  its  assets 
are  not  equal  to  its  habilities  and  claims  against  it  and  the  amount  of 
its  premium  reserve  computed  as  required  by  law.  All  other  insur- 
ance companies  cannot  transact  business  in  this  State  if  the  capital 
stock  is  impaired  to  the  extent  of  fifteen  per  cent. 

Fire  and  Marine.  —  Every  fire  company  doing  business  in  this 
State  must  possess  a  paid-up  capital  of  two  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  tho  first  day  of  January  iu 
each  year,  or  within  thirty  days  thereafter,  verified  by  the  signature 
and  oath  of  the  president  or  vice-president  together  with  that  of  the 
secretary  or  actuary,  showing  the  condition  and  affairs  of  the  company 
on  the  preceding  thi/ty  fir*t  day  of  Decjinber. 


Hi 


62 


STATUTORY      RK,  QUIREMENTS. 


Such  Statement  must  be  published,  at  least  three  times,  in  a  daily 
or  weekly  newspaper  of  general  circulation,  printed  and  pul)lished  in 
either  Hennepin  or  Ramsey  counties,  and  having  a  bona  jkle  circula- 
tion of  two  thousand  copies  or  more,  or  in  the  county  where  the  State 
agency  of  the  company  is  located.  Commissioner's  certificate  of  authority 
must  be  published  with  statement.  Printer's  aiBdavit  of  publication 
must  be  filed  with  commissioner. 

The  re  insurance  fund  shall  be  computed  as  follows:  fifty  per  cent, 
of  all  premiums  on  unexpired  fire  risks,  that  have  less  than  one  year 
to  run;  a  pro  rata  of  all  premiums  received  on  unexpired  fire  risks 
that  have  more  than  one  year  to  run;  the  entire  premium  received  on 
unex[)ired  marine  and  inland  risks. 

Where  the  fire  reserve  is  less  than  forty  per  cent  of  all  the  fire 
premiums  received  during  the  year,  the  whole  of  such  premiums  shall 
constitute  the  reserve  on  fire  business 

No  fire  company  shall  expose  itself  to  a  greater  loss  on  any  one 
risk  than  five  per  cent,  of  its  paid-up  capital,  and  no  marine  or  inland 
company  to  more  than  ten  per  cent,  and  no  fire  or  fire  and  marine 
company  can  do  a  life  business. 

No  mutual  fire  insurance  company  not  of  this  State  shall  do  busi- 
ness in  this  State  unless  it  shall  be  possessed  of  at  least  two  hundred 
thousand  dollars  of  actual  cash  surplus,  over  and  above  all  liabiHties, 
including  the  re  insurance  reserve  fund  required  by  the  laws  of  this 
State.  But  mutual  insurance  companies  of  other  States  may  be  ad- 
mitted in  case  the  State  where  such  insurance  companies  are  located 
admit  the  mutual  insurance  companies  of  this  State,  by  complying  in 
'all  respects  with  the  conditions  and  obligations  imposed  by  such  States 
on  the  mutual  insurance  companies  of  this  State. 

Life.  —  Every  company  must  possess  available  assets  to  the  amount 
of  one  hundred  thousand  dollars. 

Every  company  must  furnish  the  Commissioner  the  certificate  of 
the  proper  official  of  the  State  where  the  company  is  located,  showing 
that  as  such  official  he  holds  in  trust  and  on  deposit,  for  the  benefit  of 
all  the  policy. holders  of  the  company,  securities  to  the  amount  of  one 
hundred  thousand  dollars,  and  statmg  the  items  thereof,  and  that  he 
is  satisfied  such  securities  are  worth  one  hundred  thousand  dollars. 
Any  company  failing  to  furnish  such  certificate  shall  make  a  like 
deposit  with  the  Commissioner  or  other  financial  officer  of  this  State. 

Annual  statements  must  be  filed  on  the  first  day  of  January,  or 
within  forty  days  thereafter,  showing  the  condition  of  the  company  on 
the  preceding  thirty-first  day  of  December.  Such  statement  must  be 
published  in  the  same  manner  as  the  statements  of  fire  and  marine 
companies. 

The  Commissioner  is  required  to  make  a  valuation  of  all  the  out- 
standing policies  of  any  company  doing  business  in  this  Stale,  if  such 
company  does  not  file  with  the  Commissioner  the  certificate  of  the 
proper  official  of  the  Slate  where  the  company  is  organized,  giving  the 
value  of  all  its  policies,  calculated  upon  the  basis  required  by  the  laws 
of  this  State,  and  stating  that  after  all  debts  and  claims  against  the 
company  are  provided  for,  it  has  in  cafe  securities  an  amount  equal  to 
the  value  of  its  policies. 


in  a  daily 
.il)lish(Hl  in 
idc  ciroula- 
3  the  State 
f  authority 
aiiblication 

y  per  cent. 

1  one  year 

fire  risks 

•eceived  on 

all  the  lire 
liums  shall 

n  any  one 
e  or  inland 
nd   marine 

.11  do  bnsi- 
10  hundred 
liabiUties, 
iws  of  this 
nay  he  ad- 
ire  located 
Tiplying  in 
such  States 


the  amount 

!rtificate  of 
id,  showing 
B  benefit  of 
lunt  of  one 
,nd  that  he 
nd  dollars, 
ake  a  like 
his  State. 
January,  or 
ompany  on 
nt  must  be 
and  marine 

all  the  out- 
ate,  if  such 
cate  of  the 
,  giving  the 
by  the  laws 
against  the 
mt  equal  to 


STATUTORY      REQUIREMENTS. 


63 


The  basis  of  valuation,  as  established  by  tlie  laws  of  this  State,  is 
the  American  Experience  Table  of  Mortality,  with  interest  at  four  and 
one-half  per  cent,  per  annum 

Companies  other  than  Fire,  and  Marine,  and  Lif«.  —  Every 
such  company  must  possess  a  paid-up  capital  of  at  least  one  hundred 
thousand  dollars,  and  must  deposit  with  the  proper  officer  of  the  State 
where  organized  at  least  one  hundred  thousand  dollars  in  United 
States  bonds,  or  the  bonds  of  such  State,  or  in  bonds  and  mortgages 
on  improved  unincumbered  real  estate  worth  double  the  amount 
loaned  thereon,  and  assign  the  same  to  such  officer  in  trust  for  the 
benefit  of  all  its  policy- holders. 

.'-^uch  companies  must  comply  with  the  provisions  of  law  relating 
to  life  insurance  companies  so  far  as  the  same  are  applicable.  The  re- 
insurance reserve  shall  be  computed  at  fifty  per  cent,  of  all  premiums 
on  unexpired  risks.  Annual  statements  must  be  filed  in  the  month 
of  January,  and  published  as  above. 

Foreign  —  FCvery  company  must  deposit  with  the  proper  official 
of  some  one  of  the  States,  for  the  security  of  all  its  policy-holders  in 
the  United  States,  securities  to  the  amount  of  two  hundred  thousand 
dollars,  and  must  furnish  the  Commissioner  a  certificate  from  such 
official  that  he  holds  such  deposit,  and  stating  the  purpose  for  which 
it  is  held. 

The  capital  of  any  such  company  shall  be  the  aggregate  value  of 
all  deposits  in  tiie  various  States  for  the  security  of  policy-holders,  and 
its  assets  and  investments  vested  in  trustees  in  the  United  States,  for 
the  security  of  the  policy-holders  and  creditors  of  the  company  in  the 
United  States,  after  deducting  therefrom  the  amount  of  all  unpaid 
losses  and  claims  against  the  company,  and  the  amount  of  re  insurance 
reserve  on  the  business  of  the  company  in  the  United  States. 

The  Commissioner  must  annually  issue  to  such  company  a  certifi- 
cate showing  the  amount  of  its  so  determined  capital,  and  such  com- 
pany must  not  assume  any  one  risk  in  this  State,  greater  than  five  per 
cent,  thereof. 

Fees.  —  For  filing  certified  copy  of  charter,  twenty-five  dollars. 

For  filing  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority  and  certified  copy  thereof,  one 
dollar. 

For  every  copy  of  any  paper  filed  with  the  Commissioner,  twenty 
cents  per  folio,  and  for  affixing  seal  and  certifying  such  copy,  one 
dollar. 

For  valuing  life  insurance  policies,  ten  dollars  per  million  of  in- 
surance or  any  fraction  thereof. 

For  official  examinations  of  companies,  the  actual  expenses  incurred. 

In  case  the  necessary  expenses  of  the  Commissioner  exceed  the 
fees  collected,  he  shall  assess  annually  such  excess  equally  upon  all 
companies  doing  business  in  this  State.     Reciprocal  clause. 

Taxes.  —  A  tax  of  two  percent,  upon  all  premiums  collected  within 
the  State  during  the  year  ending  on  the  preceding  thirty-first  day  of 
December,  shall  be  paid  to  the  Tre»surer  annually  at  the  time  of  issu- 
ing the  certificate  of  authority.     Reciprocal  clause. 


■wwao^wmwwFtew 


1 


64 


STATU  rOUY     RKQIMREMBNTS. 


Penalties,  —  Any  person  acting  as  agent  without  license  is  subject 
to  a  fine  not  exceeding  one  liundred  dollars.  Any  company  wilU'iilly 
neglecting  to  make  and  transmit  any  statement  required  shall  forfeit 
one  hundred  dollars  for  each  day's  neglect,  and  any  company  willfully 
making  a  false  statement  in  any  report  to  the  Commissioner  is  liable 
to  a  penalty  of  five  hundred  dollars.  The  same  penalty  is  attached  to 
a  failure  to  reply  to  a  letter  from  the  Commissioner  asking  for 
information. 

If  any  company  shall  violate  any  of  the  provisions  of  the  law,  or 
shall,  by  means  of  any  advertisement,  circular,  notice  or  statement, 
printed  or  written,  published,  posted  or  circulated  through  and  by  the 
agency  of  any  officer,  agent  or  other  person,  or  by  any  other  moans 
falsely  represent  or  hold  out  to  the  public  that  the  capital  stock  of  such 
company  is  greater  than  its  actual  amount,  or  that  the  accumulation  of 
such  company  is  greater  than  its  actual  cash  or  market  value,  every 
director,  officer,  or  agent  of  such  company  guilty  of  any  willful 
participation  therein,  shall  be  deemed  guilty  of  a  misdemeanor,  and, 
on  conviction  thereof,  shall  be  punished  by  a  fine  not  exceeding  one 
thousand  dollars,  or  by  imprisonment  in  the  county  jail  not  exceeding 
three  months,  or  by  both  such  fine  and  imprisonment,  in  the  discretion 
of  the  court;  and  if  any  such  company,  after  any  such  false  advertise- 
ment, posted  or  circulated,  shall  receive  any  note  or  obligation  for  the 
payment  of  money,  from  any  pers<^n,  as  a  consideration  for  any 
insurance  made  or  policy  issued,  or  to  be  issued,  by  such  company, 
such  money,  note,  or  obligation  shall  be  deemed  and  taken  to  have 
been  received  without  consideration,  and  the  directors  of  such  company, 
and  any  officer  or  agent  receiving  the  same,  shall  be  jointly  and 
severally  liable  in  a  civil  action  for  the  re-payment  thereof,  and  shall 
also,  in  like  manner,  be  liable  to  the  pei"son  insured  for  the  amount  of 
the  premium  paid. 

ASSESSMENT     INSURANCE. 

Admission.  —  Companies  must  file  with  the  Insurance  Commis- 
sioner such  statement  as  he  may  require  of  their  condition  and 
business,  and  satisfy  him  that  similar  companies  organized  under  the 
laws  of  Minnesota  would  be  admitted  to  do  business  in  the  State 
where  such  companies  are  organized,  and  must  receive  from  him  a 
certificate  of  authority  before  transacting  any  business. 

Annual  Statements  must  be  filed  on  or  before  the  first  day  of 
February,  on  blanks  furnished  by  the  Commissioner. 

Fees.  —  For  filing  and  recording  preliminary  papers,  ten  dollars. 

F'or  filing  annual  statement,  ten  dollars. 

For  each  certificate  of  authority  and  copy  thereof,  one  dollav. 

For  copies  of  papers,  twenty  cents  per  folio,  and  for  affixing  seal 
and  certifying  to  same,  one  dollar. 

For  examinations  necessary  expenses  not  to  exceed  in  any  one  year, 
fifty  dollars. 

Penalties. —  For  non-compliance  with  law  a  fine  of  not  more 
thi  n  five  hundred  dollars,  or  imprisonment,  or  both. 

When  any  other  State  or  territory  shall  impose  any  obligation  upon 


*^si^ 


STAT  C  TORY      KEQUIUEMKNT8. 


65 


?e  is  subjoct 
ly  willfully 
hall  forfeit 
[ly  willfully 
ler  is  liable 
attached  to 
asking  for 

the  law.  or 
statement, 
and  by  the 
ther  means 
ock  of  such 
mnlatiou  of 
alue,  every 
any  willful 
eanor,  and, 
eeding  one 
t  exceeding 
e  discretion 
le  advertise- 
tion  for  the 
)n  for  any 
1  company, 
:en  to  have 
ih  company, 
jointly  and 
f,  and  shall 
i  amount  of 


ce  Comtnis- 
idition  and 
1  under  the 
Q  the  State 
:rom   him  a 

first  day  of 

;en  dollars. 

dollar, 
iffixing  seal 

ny  one  year, 

)f  not  more 
igation  upon 


such  corporation,  association,  or  society  of  this  State,  or  their  agents 
transacting  business  in  such  other  State  or  t<MTitory,  the  like  obligiitions 
are  hereby  imposed  on  similar  corporations,  associations,  or  societies 
of  such  other  State  or  territory  and  their  agents  or  representatives 
transacting  business  in  this  State;  and  such  corporation,  association, 
or  society  of  such  other  State  or  territory. 


MICHIGAN. 


[Legislature  mcetB  bieimiiUly.    Next  Seanion,  January  6,  1887.J 
Henky  S.   Raymond,   Insurance  Commissioner,  Lansing. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Commissioner  a  certified 
copy  of  its  charter,  or  deed  of  settlement. 

A  statement  under  oath  of  the  president,  or  vice-president,  or  other 
chief  officer  and  secretary  of  the  company,  stating  the  name,  location, 
capital,  and  condition  of  the  company. 

A  copy  of  the  last  annual  report,  if  any  made,  under  any  law  of 
the  State  by  which  such  company  is  incorporated. 

Every  company  sliall  appoint  an  attornoy  in  this  State,  on  whom 
processes  of  law  can  be  served,  and  shall  file  with  the  Commissioner  a 
certified  copy  of  the  vote  or  resolution  of  the  board  of  directors  ap- 
pointing such  attorney,  which  appointment  shall  continue  until  another 
attorney  shall  be  substituted. 

Every  company  shall  al.so  file  with  the  Commissioner  a  written 
stipulation,  duly  authenticated  by  the  company,  stipulating  and  agree- 
ing that  any  legal  process  afTecting  such  company,  served  on  the  In- 
surance Commissioner  or  his  deputy,  shall  have  the  same  oflect  as  if 
personally  served  on  the  company  or  its  authorized  attorney  in  this 
State. 

When  any  process  affecting  any  company  is  served  on  the  Com- 
misioner  or  his  deputy,  the  same  shall  be  by  duplicate  copies,  one  of 
which  shall  be  filed  in  the  office  of  the  Commissioner,  and  the  other 
immediately  mailed,  postage  prepaid,  to  the  home  ofiBce  of  the  com- 
pany, or  to  the  branch,  or  general  agency  of  the  company,  or  to  the 
address  of  the  authorized  resident  attorney  in  this  State,  as  the  com- 
pany may  designate  in  such  stipulation. 

Necessary  blanks  will  be  furnished  by  the  Commissioner  on  request. 

Certificates  and  Agencies.— Every  company,  before  transact- 
ing business  m  this  State,  must  procure  from  the  Commissioner  a  cer- 
tificate of  authority  or  license. 

Every  agent  of  a  fire  or  marine  insurance  company  must  procure 
from  the  Commissioner  a  certificate  of  authority,  and  file  a  certified 
copy  thereof  with  the  clerk  of  tire  county  in  which  his  agency  is  estab- 
lished, together  with  a  copy  of  the  statement  of  the  company.  A  copy 
of  such  certificate  of  authority  and  statement  shall  be  published  in  some 
paper  of  general  circulation  in  tins  State,  four  suc(;ossive  tiratjs.  and 
proof  of  such  publication  be  filed  in  the  office  of  the  Commissioner 
within  30  days. 
9 


stiiiiuiiiwiiiwifciiiSi 


66 


STATUTOKY      UEQUIBEMENTS. 


Ail  certificates  must  be  renewed  annually,  and  agents  of  fire  and 
marine  companies  are  required  to  annually  file  copies  of  such  cerlili- 
cates  with  the  clerk  of  every  county  in  which  the  company  has  agents, 
but  publication  of  such  renewal  (;ertificate  is  not  required. 

Every  agent  of  a  fire  company  shall  in  all  advertisements  publish 
the  location  of  the  company,  giving  the  name  of  the  city,  town,  or 
village  m  which  the  company  is  located,  and  the  State  or  government 
under  the  laws  of  which  it  is  organized. 

Examinations  and  Impairments.--The  Commissioner,  when- 
ever he  shall  deem  it  expedient,  may  examine  into  the  affairs  and  con- 
dition of  any  company  transacting  business  in  this  State.  He  may,  if 
he  deems  it  for  the  best  interest  of  the  public,  publish  the  result  of 
such  examination  in  one  cr  more  papers  in  this  State.  Whenever  it 
shall  apDear  to  the  Commissioner  that  the  affairs  of  any  company  are 
in  an  unsound  condition,  he  shall  revoke  all  certificates  of  authority  or 
license  granted  in  behalf  of  such  company,  and  publish  notice  of  such 
revocation  in  some  paper  of  general  circulation  in  the  State,  for  four 

weeks.  .         •    ^i  •    oi  .    •* 

In'o  fire  or  marine  company  can  transact  business  in  tins  State  it, 
after  providing  for  its  proper  liabilities  and  re-insurai.ce  fund,  computed 
as  required  by  law,  its  capital  stock  is  impaired  to  the  extent  of  fifteen 
per  cent  No  life  company  can  transact  business  m  this  State  if  its 
assets  are  not  equal  to  its  outstanding  liabilities  and  premium  reserve, 
ascertained  as  required  by  law.  No  accident,  plate  glass,  live  stock, 
or  steam  boiler  company  can  transact  business  in  this  State  if  its  capi- 
tal is  impaired  fifteen  per  cent. 

Fire  and  Marine.— Every  stock  company  must  possess  a  paid-up 
capital  of  at  least  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  the  first  day  of  January  m  each 
year  or  within  one  month  thereafter. 

The  re-insurance  fund  is  computed  at  fifty  per  cent,  of  premiums 
received  on  all  unexpired  fire  risks  having  less  than  one  year  to  run  ~ 
a  pro  rata  of  all  premiums  received  on  unexpired  fire  risks  that  have 
more  than  one  year  to  run;  the  whole  amount  of  the  deposit  or  pre- 
mium upon  perpetual  policies;  all  the  premiums  received  on  unexpired 
marine  and  inland  risks. 

No  company  shall  assume  any  one.nsk  or  hazard  to  a  greater 
amount  than  ten  per  cent  of  its  paid-up  capital. 

Mutual  companies  pos.-essed  of  two  hundred  thousand  dollars  of 
net  cash  assets  may  be  admitted,  on  compliance  with  the  other  provis- 
ions of  the  law,  and  mutual  marine  companies  may  be  admitted  with- 
out the  net  as.=ets,  on  compliance  with  the  law. 

Life  —Every  company  must  possess  one  hundred  thousand  dollars 
properlyinvested,  and  must  deposit  the  same  with  the  Treasurer  of 
this  State  for  the  security  of  all  the  pohcy-holders  of  such  company 
or  furnish  the  Commissioner  a  certificate  under  the  hand  and  o  I'.ciai 
seal  of  the  proper  officer  of  some  other  State,  showing  that  he  holds 
on  deposit  one  hundred  thousand  dollars  of  the  assets  of  such  company 
for  the  general  benefit  of  all  its  policy-holders,  and  stating  the  amount 


WP" 


T 


STATUTORY      REQUIREMENTS. 


67 


and  securities  so  held  by  liiin.  Fifty  thousand  dollars  of  such  securi- 
ties must  bo  State  or  Unitt'd  Srat(!S  bonds. 

Annual  statements  must  be  filed  in  the  month  of  January  of  each 
year,  showing  the  affairs  and  condition  of  the  company  on  the  preced- 
ing 3l8t  day  of  December. 

The  Cotnmissioner  shall  accept  a  certificate  of  valuation  from  the 
Commistiionor  or  other  State  officer  of  some  other  .State,  vviiere  an  offi- 
cial valuation  of  tlie  policies  of  any  <'<>mpiiny  are  made,  siiowing  the 
amount  of  such  valuation,  and  the  basis  u[)on  which  it  was  made. 

If  sucli  certificates  be  not  furnished,  tii(!  Commissioner  shall  annu- 
ally value  the  policies  of  such  company. 

In  making  such  valuation  he  shall  a'":aiiie  the  rate  of  mortality 
shown  by  the  American  Experience  Tabie,  with  interest  at  four  and 
one-half  per  cent,  per  annum. 

Accident,  Plate-Glass,  Live  Stock,  and  Steam-Boiler.— 

Every  such  company  must  possess  a  paid-up  capital  of  one  hundred 
tliousand  dollars,  and  must  have  deposited  with  the  proper  officer  of 
the  State  where  organized,  for  the  benefit  of  ail  its  policy-holders,  at 
least  out'  hundred  thousand  dollars  in  bonds  or  stocks  of  the  State 
where  organized,  or  of  the  United  States,  or  first  mortgages  on  real 
estate  worth  double  the  sum  loaned  thereon.  Such  companies  must 
comply  with  the  law  relating  to  life  insurance  companies,  so  far  as 
applicable.  Re-insurance  fuud  is  computed  at  fifty  per  cent,  of  all 
premiums  upon  unexpired  risks.  ■ 

Annual  statements  must  be  filed  in  the  month  of  January  in  each 
year. 

Foreign.— Every  such  company  shall  deposit  securities  with  the 
proper  officer  of  some  State  of  the  United  States  to  the  amount  of  two 
hundred  thousand  dollars  for  the  benefit  and  security  of  the  policy- 
holders of  the  company  in  the  United  States,  and  shall  file  with  the 
Insurance  Commissioner  a  statement  of  the  character  of  such  deposit, 
attested  under  the  oath  of  the  trustees  thereof,  who  must  be  residents 
of  the  United  States. 

It  shall  also  file  with  the  Insurance  Commissioner  its  consent  that 
the  managers,  resident  directors,  resident  secretary,  or  general  agents 
in  the  United  States  shall  be  deemed  the  legal  officers  of  such  company. 

Such  deposit  shall  be  considered  the  cash  capital  of  the  company. 

Annual  statements  shall  be  filed  on  the  first  day  of  June  in  each 
year,  or  within  sixty  days  after  the  annual  meetiug  of  the  company  as 
specified  in  its  charter. 

Supplementary  annual  statements  shall  1  filed  on  the  first  day  of 
January  in  each  year,  or  within  thirty  days  thereafter,  showing  the 
business  of  the  company  in  the  United  States  for  the  year  ending  on 
the  preceding  31st  day  of  December. 

Fees. — For  valuation  of  life  policies,  one  cent  for  each  one  thou- 
sand dollars  insurance  valued. 

For  examination  of  companies,  the  actual  expenses  incurred. 
Reciprocal  provision  in  reference  to  life  companies. 


x^ 


68 


8  T  A  T  U  T  O  U  Y      U  B:  Q  IM  H  K  M  E  N  T  8  . 


Taxes.— Every  compnny,  excoptinp;  llioso  hercnftcr  Bpeciflod.  at 
the  tiino  of  filing"  its  nmiutil  stntiaiiciit  shtill  iilo  a  statomunt  of  the 
gross  amount  of  prciniiims  received  in  tins  State,  during  tlie  preceding 
year,  with  the  State  Treasurer,  and  sliall  pay  a  tax  of  three  per  cent, 
thereon.  Every  comf)any  insuring  life,  and  every  accident,  plate-gluss, 
live  slock,  and  steam-lwiier  insutance  company  shall  make  return,  under 
oath,  of  the  gross  premiiuna  received  in  this  State  the  year  prcceiHng, 
and  at  the  tiin(>  of  filing  its  annual  statement  pay  to  the  State  Treasurer 
a  tax  of  two  per  cent,  on  all  premiums  received  in  cash,  or  otherwise, 
by  such  companies  or  their  agents,  or  from  insured  parties  residing 
therein,  during  the  preceding  year.  This  specific  tax  shall  be  in  lieu 
of  all  other  taxes  in  this  State. 

Penalties.— Fire  companies  transacting  business  in  this  State, 
without  complying  with  the  provisions  of  the  law,  are  subject  to  a  pen- 
alty of  five  hunilred  dollars,  and  an  additional  penalty  of  one  hundred 
dollars  for  each  month  tliey  shall  conunue  such  illegal  business. 
Agents  doing  business  without  certifica-e  from  Insurance  Commis- 
sioner are  punishable  V)y  fine  not  less  than  fifty  Ov  'lars,  nor  more 
than  five  hundred  dollars. 

Life  companies  doing  business  without  complying  with  the  law  are 
subject  to  a  penalty  of "^ one  hundred  dollars  tor  "every  application 
obtained,  or  insurance,  guaranty,  contract,  or  pledge  made." 

Any  person  soliciting  applications  for  insurance,  or  making  any 
such  insurance,  guaranty,  contract,  or  pledge  as  aforesaid,  before  the 
deposit  of  such  securities  or  before  compliance  with  any  condition  pre- 
cedent provided  by  the  laws  of  this  State  for  life  insurance  companies, 
shall  be  liable  to  a  penalty  of  one  hundr-  '<  dollars  for  every  application 
obtained,  or  insurance,  guaranty,  contract,  or  pledge  made  -,  and  any 
person  who  mayliave  paid  moneys  therefor  shall  Iw  entitled  to  recover 
the  same  back  from  the  person  to  whom  it  was  paid,  or  in  case  such 
pers(m  was  an  agent,  then,  at  his  option,  from  the  principal  of  such 
agent,  by  action  of  assumpsit,  to  be  brought  at  any  time  within  six 
years  after  such  payment. 

ASSESSMENT    INSURANCE. 

Admission.— Any  corporation  organized  to  do  life  or  accident 
business  on  the  assessment  plan,  shall  be  licensed  by  the  Commissioner 
of  Insurance  to  do  business  in  this  State;  ■f.rovided,  such  corporation  or 
association  shall  first  deposit  with  the  Commissioner  of  Insurance  a 
certified  copy  of  its  charier  or  articles  of  incorporation,  a  copy  of  its 
statement  of  business  for  the  preceding  year,  sworn  to  by  the  president 
and  secretary,  or  like  officers,  showing  a  detailed  account  of  expenses 
and  income,  the  same  as  is  required  of  life  insurance  companies  doing 
business  under  the  laws  of  this  State,  and  sotting  forth  to  the  satisfac- 
tion of  said  Commissioner  thai  it  has  the  ability  to  pay  to  the  benefi- 
ciaries of  the  members,  its  policies,  or  certificates  to  the  full  limit  named 
theiein,  together  with  a  copy  of  its  policy  or  certificate  of  membership, 
application,  and  by-laws,  which  must  show  death  losses,  are  in  the 
main  provided  for  by  assessment  upon  surviving  members,  and  it  shall 
designate  a  person  or  agent  residing  in  this  State,  to  receive  service  or 


JLt^ 


3cifiod.  at 
nt  of  the 
preceding 
per  cent, 
late-glass, 
irn.  innler 
■)rcceiling, 
Treasurer 
:)tlierwise, 
i  residing 
be  in  lieu 


his  State, 
;  to  a  pen- 
i  hiindrjd 

business. 

Commis- 
nor  more 

le  lav/  are 
,pplication 

iking  any 
before  the 
:iition  pre- 
iompanics, 
ipplication 
;  and  any 
to  recover 
case  such 
il  of  such 
within  six 


r  accident 
[imissioner 
)oration  or 
isu ranee  a 
opy  of  its 
!  president 
I  expenses 
nies  doing 
le  satisfac- 
the  benefi- 
mit  named 
smbership, 
are  in  tlie 
md  it  shall 
service  or 


STATUTORY      K  K  QU  I  U  K  .\t  E  N  T  8  . 


60 


process  for  said  company;  provided,  such  service  may  bo  mndo  on  the 
Commissioner  of  Insurance  of  this  State,  who  shall  bo  dooined  its  agent 
for  that  pui'pose,  and  he  .shall  immediately  notify  any  corporation  or 
association  thus  .«orved;  proruleil,  also,  tlie  same  right  is  extended  i)y 
tlie  State  in  which  such  corporation  is  organized  to  similar  corporations 
organized  in  this  State. 

Annual  Statements  must  bo  made  on  or  before  March  first,  on 
blanks  furnished  by  the  Insurance  Commissioner. 

Fees.— For  filing  preliminary  papers  and  first  license,  twenty-fivo 
dollars. 

For  filing  subsequent  annual  statement,  ten  dollars.   . 

Penalties.— Any  such  foreign  corporation  or  association  doing 
business  in  the  State  that  shall  refuse  or  neglect  to  comply  with  the 
provisions  of  law,  shall  be  deemed  and  held  to  be  doing  business 
unlawfully,  and  if  any  officer,  agent,  or  employti  of  any  such  corpora- 
ti<m  or  association  shall  do  business  in  the  State,  or  assist  in.  or  know- 
ingly permit  the  same,  in  violation  of  the  provisions  of  this  act,  he 
sliall  be  deemed  guilty  of  a  misdemeanor,  and  upon  convicticm  thereof 
shall  be  fined  not  more  than  one  hundred  dollars,  or  be  imprisoned  in 
the  county  jail  not  more  than  ninety  days,  or  both,  in  the  discretion 
of  the  court. 

The  act  does  not  apply  to  fraternal  organizations. 


MISSISSIPPI. 


[Leglclatnre  meets  biennially.    Next  Session,  Jannar  ,    x  .] 
W.  W.   Stone,   Auditor  of  Public   Account-,,     *  jKSON. 

Admission. —  Every  company  desiring  to  transact  business  in  this 
State,  must,  before  admission,  possess  an  actual  capital  of  one  hundred 
and  fifty  thousand  dollars,  and  must  file  with  the  Auditor  — 

A  copy  of  the  charter,  or  act  of  incorporation  of  the  company. 

A  statement  under  the  oath  of  the  president  or  secretary  of  the  com- 
pany,  showing  the  name,  location,  capital  stock,  assets,  and  liabilities 
of  the  company. 

A  written  instrument,  under  the  seal  of  the  company,  signed  by  its 
president  and  secretary,  authorizing  the  agent  of  the  company  to 
acknowledge  service  of  process  for  and  in  behalf  of  the  company,  con- 
senting that  service  of  process  upon  such  agent  shall  be  as  valid  and 
binding  as  if  served  on  the  company,  and  waiving  all  claim  of  error  by 
reason  of  such  service.  If  the  agent  remove  from  this  State,  abscond 
or  conceal  himself  so  that  he  cannot  be  served  with  process,  or  if  from 
any  cause  any  company  should  be  without  an  agent  upon  whom  process 
can  be  served,  then  such  service  may  be  made  on  the  State  Treasurer 
as  garnishee  of  such  company. 

Certificates  and  Agents. —  livery  agent  shall  procure  from  the 
Auditor  a  certificate  of  authority,  before  transacting  business  in  this 
State. 


Jk 


70 


BTATUTOUY      IlEQl'IKKMENTS. 


Sucli  agent  shall  file  in  the  office  of  the  chancery  court  of  tho 
county  in  which  he;  (lesiies  to  establish  an  af^.Jiicy  for  au';li  company,  a 
copy  of  tlie  Htatoinont  f'lod  with  tho  Auditor,  together  with  the  ecirlili- 
cat(!  of  authority  issuf.d  to  biin,  and  shall  publish  such  statement  and 
c<Mti(i(;!ite.  for  three  successive  weeks,  in  sonii'  newspaper  of  general 
circulation  in  tho  county,  provided  such  statement  and  certificate  hua 
not  been  previously  p\ibli8hod  in  some  newspaper  of  general  circulation 
at  Jackson. 

Such  certificate  of  authority  shall  be  renewed  annually,  and  with 
copy  of  statement  shall  be  filed  and  piil)lished  as  aforesaid. 

The  agent  of  two  authorized  companies  may  receive  -a  license  to 
placid  innura-ico  in  companies  not  complying  with  the  law  (in  case  such 
InHuranco  cannot  be  placed  in  authorized  companies),  by  filing  a  l)ond 
of  five  hundred  dollars,  and  paying  a  special  license  fee  of  fifteen  dollars. 
He  shall  make  quarterly  reports  to  tho  Auditor  of  such  insurance,  anil 
pay  a  tax  of  one-tenth  of  one  per  cent,  of  the  amount  of  insurance 
so  placed. 

Fire,  Marine,  and  Life.—  Annual  statements  shall  be  fded  on 
the  first  day  of  March,  in  each  year. 

Foreign. —  Kvery  company  must  furnish  evidence  to  the  satisfac- 
tion of  the  Auditor,  that  it  has  invested  in  the  stocks  of  some  one  or 
more  of  the  States,  or  of  the  flnited  States,  the  amount  of  one  him- 
dred  and  fifty  thousand  dollars,  and  that  such  stocks  are  held  by 
citizens  of  the  United  States. 

Deposits. —  Every  company  must  deposit  with  the  State  Treasurer, 
twenty -five  thousand  dollars  m  United  States  bonds,  which  shall  remain 
on  deposit  so  long  as  said  company  continues  business  in  the  State,  or 
has  any  obligations  unsettled  in  the  State.  The  liabihties  of  the  com- 
pany in  the  State  may  bo  paid  upon  proper  proceedings  from  said 
deposit  and  the  company  shall  thereupon  make  such  deposit  good. 

Fees. —  For  issuing  each  license  and  receiving  statement,  five 
dollars.  To  clerk  of  chancery  court,  for  filing  each  statement,  fifty 
cents. 

Each  insurance  agent  shall  also  pay  a  license  fee  of  ten  dollars. 

Licenses  and  Taxes. —  A  tax  on  privileges  shall  be  levied 
as  follows,  to  wit:  on  each  fire  insurance  company  doing  business  in 
this  State,  one  thousand  dollars.  On  each  life  insurance  company, 
five  hundred  dollars.  On  each  accident  insurance  company,  one  hun- 
dred dollars.  On  each  insurance  agent,  ten  dollars.  The  city  of 
Vicksburg  is  empowered  to  assess  a  privilege  tax  of  one  hundred  and 
twenty-five  dollars  annually,  upon  each  fire  insurance  company  trans- 
acting  business  in  the  city.  Any  company  paying  the  sum  of  one 
hundred  dollars  to  the  Firemen's  Charitable  Association  of  Vicks- 
burg, is  exempted  from  paying  the  privilege  tax  to  the  city,  and  after 
one  payment  is  not  required  to  pay  the  same  in  any  year  succeeding 
one  in  which  its  losses  are  more  than  its  net  cash  receipts  in  the  city. 
Other  cities  and  towns  in  the  State  having  an  organized  F'ire  Deijart- 
ment,  may  also  assess  a  privilege  tax,  but  such  tax  shall  bear  the 


li 


and 


B  T  A  T  I!  T  O  li  Y      II  K  y  I    I  II  E  M  K  N  T  8  . 


71 


Bniiit!    proportion   to   tlio  tax    pfriiiittcil    in    \'ickalnirg,    us   the   not 

j)ioniiuin  iccciptH  of  the  company  in  such  city  or  town  boar  to  its 

net  premium   receipts  in  Vicksburg,  or  shall  iint  oxc -ed  tsuch  pro- 
portion. 

Penalties. —  Every  person  violating  any  of  th(3  provisions  of  law 
rtilating  to  inHuranct*  Bhall.  U[)im  convii^tion  thereof,  in  any  court  of 
competent  jurisdiction,  he  (ined  live  iimidred  dollars,  and  imprisoned 
in  the  county  jail  not  more  thin  twelve  months. 

ASSESSMENT     INSCKANCE. 

Mississippi  has  no  enactments  relating  to  assessment  insurance. 


MISSOURI. 

[Lfgliilatiire  meetti  biennially.    Next  SesBlon,  Jnniiary  n,  188T.] 
Alfred  Carr,  Superintendent  of  the  Insurance  Department,  St.  Lodis. 

Every  company  desiring  to  transact  I)usine8a  in  tliii  State,  before 
admission  shall  file  with  the  Superintendent  — 

A  certified  copy  of  its  charter,  or  act  of  incorporation. 

A  statement,  under  the  oath  of  the  president  and  secretary  of  the 
company,  showing  its  condition  and  affairs  on  tlie  precednig  first  day 
of  January. 

A  copy  of  the  last  annual  report,  if  any  was  made  in  compliance 
with  any  law  of  the  State,  or  country,  by  which  such  company  was 
incorporated. 

A  written  instrument  duly  signed  and  sealed  authorizing  the 
Superintendent  of  the  Insurance  Department  to  acknowledge  and 
receive  service  of  process,  and  consenting  that  service  of  process  on 
him  shall  be  taken  and  1  -Id  to  bo  as  valid  as  if  served  upon  the  com- 
pany, and  in  caso  such  irapatiy  shall  cease  to  transact  business  in 
this  State,  he  shall  be  held  to  continue  attorney  of  such  company  for 
the  service  of  process. 

Certificates  and  Agents.  —  Every  company,  previous  to  trans- 
acting business  in  this  State,  shall  procure  from  the  Superintendent  a 
certificate,  stating  that  such  company  has  complied  with  the  require- 
ments of  law,  and  authorizing  it  to  do  business  in  this  State. 

A  certified  copy  of  such  certificate  shall  be  held  by  every  agent  or 
solicitor  doing  business  for  the  company  within  the  State,  and  shall  in 
some  convenient  manner  give  the  name  of  the  agent  or  solicitor  for 
whose  use  it  is  issued.  Such  certificate  shall  be  annually  renewed  and 
a  copy  of  such  renewal  furnished  each  agent  or  solicitor. 

Examinations  and  Impairments. —  The  Superintendent  may 
at  any  time  exannne  the  affairs  and  condition  of  any  company  doing 
business  in  the  State.  Whenever  it  shall  appear  from  such  examina. 
tion,  or  from  the  statements  of  the  company,  that  the  affairs  of  sny 
such  company  are  in  an  unsound  condition,  or  that  its  capital  or  fund 
is  impaired,  or  the  Superintendent  has  reasonable  cause  to  susp.iL-t 


Ll 


72 


H  T  A  T  f  T  (1  11  y      U  K  y  r  1  K  K  M  K  N  T  P . 


tha  the  fiirtlu-r  coiitiruianno  of  the  biminem  of  tho  said  company  in 
hii/.irdoiir*  to  till'  pulilii-  iir  to  tlmso  holdiiif^  its  poiiric^H  hi-  iiuiy  mih- 
peiul  or  rt'Viiko  tlu)  ctM tiliciito  k''""'*"!  '"  tlit?  coiiipnny,  ami  Hliall 
caiiHt'  notice  ttnTeof  to  b«  publialiod  in  Hotno  nowHpajHir  publisliod  iu 
Si.  liOiiit*. 

Fire  and  Marine. —  Kvery  joint  stooi<  company  i^ Hill  posso.sH  a 
paidiij)  capilHl  8to<'k  of  at  loast  two  linndnMl  tliousun.i  dollars 

Annual  ytatcnu'nt.s  shall  h.)  hied  on  tho  lir.st  day  of  .lanuary, 
in  t'acli  year,  or  within  thirty  daya  thoroaftc^r,  showing  the  alTaira 
and  condition  of  tiio  company  on  tho  pr«ccding  thirty  first  day 
Dccondxir. 

1  ifa —  Kvcry  stock  company  must  |m)?sp».s  an  lu-tual  paid  up  cap- 
ital of  oiui  hundred  thousand  dollars,  and  ovcry  mutual  company  must 
pcnsscss  as!i<!ts  to  the  an)ount  of  on<'  hundred  thousand  dollars. 

iOvery  compnny  inu.st  have  on  dt-po^it  with  tlie  proper  oHicer  of  tho 
Stat«  where  it  is  iii(torporate<,  foi  the  security  of  all  its  pidicydiolders. 
one  hunilrod  tlio\isand  dnllars  in  stocks  and  lM)iids  of  tho  United 
States,  or  of  tho  ritato  where  it  is  incorpMrated,  or  of  this  Slate,  or 
loaned  on  lionds  or  notes  sacuiod  by  mortgages  of  unoncund)ored  real 
estate,  worth  double  the  amount  loaned,  and  must  lile  with  the  Super- 
intondenr  a  certificate  under  the  hand  and  olliciid  seal  of  the  oflicor 
holding  such  deposit,  certifying  that  he  Imlds  in  tiust  and  on  deposit 
for  the  l)criefit  of  all  policy-holders  of  the  company,  such  stock,  and 
securities  itiid  stating  ttieir  character,  and  that  he  is  satisfied  thev  are 
worth  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  tho  first  'lay  of  .January  in  each 
year,  or  within  thirty  days  thereafter,  showing  the  condition  of  tho 
company  on  the  preceding  thirty-first  day  of  December. 

Life  insurance  companies  must  not  do  any  other  kind  of  business 
except  the  taking  of  life  risks,  issuing  endowment  policies,  an(J  annui  y 
.  bond ». 

Misrepresentations  made  upon  procuring  a  policy  of  insurance 
upon  life  shall  not  be  deemed  material  or  render  the  policy  void,  unless 
the  matter  misrepresented  sliail  actually  contrihiite  to  tho  contingency 
or  event  ou  which  the  policy  is  to  become  duo  and  payable. 

In  suits  upon  life  policies,  no  defense  based  upjn  misrepresenta- 
tions in  ol)taining  the  same  shall  be  valid,  unless  the  defendant  coru- 
pany  shad  at  or  before  the  trial  deposit  in  court,  tor  the  benefit  of  the 
plaintiffs,  the  premiums  recoiveil  on  such  policy. 

In  suits  upon  life  policies  it  shall  be  no  defense  that  the  insured 
committed  suicide  unless  it  shall  be  shown  that  the  insured  conte:ii. 
plated  suicide  at  the  time  ho  made  his  application  for  the  policy,  and 
any  stipulation  in  the  policy  t'  the  contrary  shall  bo  void.  AH  policies 
issued  after  August  1,  187!'  ly  any  company  authorized  to  do  busi- 
ness in  the  Stat(i  after  tho  payment  of  two  or  more  annual  premiums 
are  not  'o-feitable  for  failure  to  pay  premiums  Such  policies  are  to 
be  carried  for  tho  full  amount  for  such  period  as  three-fourths  the  net 
value  of  the  policy  calculated  at  four  and  one-half  per  cent.,  less  any 
indebtedness  to  the  company  for  pretniums  on  said  policy  by  note  or 
othervviso  will  pay  for  taken  as  a  net  single  premium.  The  holder  of 
such  policy  may  within  sixty  days  demand  a  paid-np  policy. 


•  TATCTORT     HEQtIIHKMENTB. 


7t 


company  i« 

!i«     llliiy  hllH- 

anil    hIiuII 
iblisluiil   ill 


1  possosH  a 

)f  .laiiuary. 
till!  ulTiiirs 
y  first   day 

did  up  cap- 

ipuiiy  must 

fs. 

liocr  of  tho 

.cy-hoM»!i-8. 

;ho  United 

iH  Stall',  or 

ihort'd  real 

tlie  Siiper- 
■  tho  oflicor 
on  de|)OHit 

stock,  and 
111  thny  aro 

iry  in  each 
ion  of  tho 

){  business 
nd  annul  y 

insurance 
^oid,  unloss 
antingency 

ropresenta- 
iidant  11  11- 
ledt  of  1  le 

;he  inaurud 
)d  conte:ii. 
policy,  and 
\.ll  policies 
0  do  busi- 

premiums 
[•ios  are  to 
ths  I  he  net 
;.,  le.<8  any 
by  note  or 

holder  of 


Accident  and  Pla'^  Glass  inHunmco  companios  niu»t  hav«' a 
paid-up  capital  of  one  huu-in^d  thouHand  dollars. 

Foreign.— Kvery  life  inwuranco  company  must  eitlier  •!.  jionit  in 
this  State  oi'  in  Homo  one  of  the  otiior  Sliites  of  the  United  StjiteB,  for 
the  iMjnetlt  of  the  poiicy-liulderH  uf  such  company,  i  M/eiiH  or  residenlb 
of  the  United  States,  one  hundred  thousand  dollars  in  safe  stocks  or 
Bccurities. 

Companies  other  than  life  (except  plate  glass  and  accidrnt  com- 
panies), shall  have  on  deposit  not  less  than   two  hundred  thousand 

dollars. 

When  such  deposit  is  made  in  some  other  State,  a  certificate  shall 
be  filed  with  the  Superintendent,  tinder  tho  hand  ami  official  seal  of 
the  officer  holding  ^ucli  deposit,  certifying  that  he  hohls  in  trust  and 
on  deposit  for  tlie  benefit  of  all  tlio  policy-holders  of  such  company, 
citizens  or  residents  of  the  United  States,  such  stocks  or  seiurities.  and 
stating  the  kind  and  amount  of  each,  and  that  ho  is  satisfied  they  are 
wortli  two  hundred  thousand  dollars. 

Annual  statements  must  Ix)  filed  on  the  first  day  of  January  in  each 
year,  or  within  sixty  days  thereafter,  showing  the  affairs  and  condi- 
tion of  the  United  States  branch  of  the  company  on  the  preceding 
thirty-first  day  of  December.  Deposits  are  treated  as  capital  when 
made  for  the  lienetit  of  all  policy-holders  in  the  United  States.  Home 
office  statements  of  foreign  companies  shall  be  filed  at  such  times  as 
may  be  required  by  the  Superintendent  of  Insurance. 

Licenses. —  The  agent  or  agents  of  any  insurance  company  doing 
hu8ines.s  in  any  city  in  this  State  having  a  population  of  more  i  han  one 
hundred  thousand  shall,  on  or  before  the  first  day  of  February  in  each 
year,  pay  to  the  collector  of  such  city  the  :5um  of  one  hundred  dollars, 
and  such  collector  shall  issue  a  license  to  such  agent  or  agents. 

Fees. For  filing  statement  and  certified  copy  of  charter,  fifty 

dollars. 

For  filing  annual  statement,  fifty  dollars. 

For  filing  any  other  paper  required  to  be  filed,  ten  dollars. 

B^or  furnishing  copies  of  records,  papers,  or  documents  on  file, 
twenty  cents  per  folio. 

For  affixing  seal  of  office,  one  dollar. 

For  valuation  of  policies,  ten  dollars  for  each  million  dollars  of 
insurance,  or  fractional  part  thereof. 

Reciprocal  provision. 

In  case  the  expenses  of  the  department  shall  exceed  the  amount 
of  fees  collected,  the  Superintendent  shall  annually  assess,  upon  all 
companies  doing  business  in  this  State,  a  sum  equal  to  such  excess. 
Such  assessments  shall  be  made  in  proportion  to  the  relative  amounts 
of  tho  assets  of  each  company. 

Taxes. —  Every  company  shall  annually  on  or  before  the  thirty. 
first  day  of  January,  make  a  sworn  return  to  the  Superintendent  of  all 
premiums  received  by  the  company  in  cash  or  notes  in  each  county  of 
the  State  and  in  the  city  of  St.  Louis,  during  tlie  year  ending  on  the 
thirty.first  day  of  December  preceding,  and  the  amount  of  return  pre- 
10 


74 


iTATUTOKV     KEg  (    I  REUENTB. 


Diiunipi  and  lonpea  aclimlly  paid  during  the  year  in  this  State,  and  shftU 
pftv  a  lux  of  one  \)vr  cent,  iijrtiii  ihn  <»X(-«)Hrt(i{  giich  preiniiirns  (>v«r  k'I'H 
losaesiinii  rolurn  promiuniB.  TIiIh  tax  nhiill  li«  paid  lo  the  State  Treaa- 
un*r  on  or  beforo  tho  firnt  day  of  Apni  following. 

Kvory  coinpany  sliall  aluo,  on  or  U-forn  th<»  lirst  day  of  P'cbi-uary 
in  oat  h  year,  di-posit  witli  tho  AH««H8or  of  tho  county  and  of  th(-  <iiy  or 
town  in  which  any  oflici^  or  a^i'iicy  of  hiicIi  company  ia  located,  a 
BtRtiMiicnt,  verified  by  tin:  oiith  of  tho  agont  of  Huch  company,  showing 
the  whole  amount  of  premiumB  received  in  mich  county,  city,  or  town, 
deducting  all  return  prcmiuins  and  cash  actually  paid  l)y  such  com- 
pany for  losses  received  in  Hui;h  county,  city,  or  town  during  the  year 
ending  on  the  (irst  dny  of  January  preceding.  .Such  j)remiums  am 
Bubject  to  the  same  taxca  a.s  other  property  in  the  county,  city,  or 
town  in  which  audi  oflico  or  agency  is  located. 
■  Reciprocal  provibion. 

Penalties. —  Any  agent  neglecting  to  pay  the  fees  or  taxes  prop- 
erly a.ssessed  upon  his  company  shall  be  subject  to  a  line  of  two  hun" 
dred  (".ollars. 

Any  company  neglecting  to  pay  any  foes  or  taxes  for  ten  days 
after  demand,  raado  in  writing,  shall  be  liable  to  pay  double  the 
amount  thereof. 

Any  violHtu)n  of  the  provisions  of  law  shall  subject  the  party  vio- 
lating to  a  j)enalty  of  not  less  than  fifty  nor  more  than  five  hundred 
dollars. 

Agents  doing  business  without  authority  are  subject  to  a  fine  of 
not  less  than  ten,  nor  more  than  one  hundred  dollars,  or  to  imprison- 
ment  uotlosb  than  ton  days,  nor  moro  than  six  months,  or  both. 

ASSESSMENT     INSURANCE. 

Assessment  companies  nuiat  comply  with  tho  laws  regarding  life 
insurance  companies  before  the  Superintendent  will  admit  them  to  do 
business  in  Missouri. 


MONTANA. 

[Leglsltture  meetK  biennially.    Next  eeselon  January  10,  1687.] 
J.  P.  WooLMAN,  Auditor,  Helena. 

Admission,— Eveiy  company  must  possess  an  actual  capital  of 
two  hundred  thousand  dollars,  exclusive  of  special  deposits;  shall  ap- 
point one  attorney  in  each  county  in  which  agencies  are  established, 
resident  at  the  county  seat,  and  shall  file  with  the  Territorial  Auditor 
a  written  instrument,  duly  signed  and  sealed,  authorizing  sucli  attorney 
of  such  company  to  acknowledge  service  of  process,  consenting  that 
such  service  of  process,  mesne,  or  final,  upon  such  attorney,  shall  be 
taken  and  held  as  valid  as  if  served  upon  the  company,  and  waiving 
all  claim  of  right  or  error  by  reason  of  such  acknowledgment  of  ser- 
vice, and  also  a  certified  copy  of  their  charter  or  deed  of  settlement, 
together  with  a  statement,  under  the  oath  of  the  president  or  vice-presi- 
dent, or  other  cliiof  ofiQcer,  and  tho  secretary  of  the  company  for  which 


8TATUT0BT     R  E  Q  T  I  R  K  M  E  N  T  B. 


7f 


,  and  xtiftll 
ovor  K'i'h 
Mtii  TrotiB- 

P'l'bruftry 
tlu'  ciiy  or 

lo(;af<'<l,  rt 
r,  showing 
',  or  town, 
such  com- 
;  thc>  y(mr 
rniums  aro 
y,  city,  or 


iXPB  prop- 
E  two  huir 

ten  days 
louble  the 

party  vio- 
e  hundred 

I  a  fine  of 
imprison, 
th. 


irding  life 
hetn  to  do 


capital  of 
;  shall  ap- 
stablished, 
al  Auditor 
h  attorney 
nting  that 
y,  shall  be 
id  waiving 
3nt  of  sor- 
settlenient, 
vice-presi- 
for  which 


thovmavftct  stating  the  nuinn  of  th«  company  and  the  plaro  whoro 
ociTtir  M.ount  of  it«  rayiUl  w,lh  a  d...,dIod  stat.Mn.nt  ot  t.n  .-on- 

S  of  t  u      Mupany,     S...'h  statonw-nt  nhall  also  .hovv  that  H.td  com- 

C  if  orit  znd  wiihout  th.  llnifd  States  of  Ammm-u-u  has  d.-pos.t.-d 

Kno  one  of  th.,  U.uto.l  Statos  or  Territori^^*  a  sum,  not  loss  tha.i  o  u, 

und  oVth.msand  <lollar«  for  th.  Hl>-<cial  benefit  or  security  oi  the 
L^rod  in  h  United  Stafs;  a.ul  shall  file  also  a  copy  of  the  ast  an- 
;;^mre;;rt.  if  any,  tnado  undnr  any  law  of  the  State  Territory,  or 
foreign  country  by  which  such  company  was  u.cori)orale.l. 

Certificates  and  Agents  -  Kvery  company  ';;>'"i;lyinK  with  the 
re,,uire,neuts  of  law  shall  receive  a  certificate  f '•""'/''<*  ^'"^.^^^.^ 
Aironts  inu-l  iu'-ve  certificate  of  authority  from  the  Auditor.  Agents 
must  in  all  advertisements,  publish  the  l.K^ation  of  the  company,  and 
shall' not  a.lverti«.,  any  .ussets  ot  a  fire  insurance  company  no  app  ica- 
ble  to  its  losses,  nor  unpaid  capital.  Compmy  uuist  I>"'>J'-'  ^J  ^V 
or's  crtiflcate  once  in  two  papers  of  general  circulation,  one  of  which 
shall  be  published  at  the  capital. 

Fire  and  Life -Annual  sfat^^ments  must  be  filed  with  the  Audi- 
tor on  the  first  day  of  January  in  each  year,  or  within  >n»«fy  ^  JY^ 
thereafter,  showing  the  condition  of  the  company  on  the  pu ceding 
thirty-first  day  of  December.     Blanks  will  be  furnished  by  Auditor. 

Examinations  and  Impairraents.-Tl.e  Auditor,  or  some  one 
appointed  by  him,  shall  l.av.'  power  to  examine  companies.     No  agent 

shall  be  allowed  to  transact  business  for  any  company  whoso  capital  is 

impaired  twenty  per  cent. 

Feea  —To  bo  paid  to  the  Auditx^r. 

For  filing  and  examination  of  the  first  application  of  any  company, 
and  issuing  the  certificate  of  license  then^on,  fifty  dollars 

For  filing  .iach  annual  statement  heroin  required,  twenty-five  dollars. 

For  each  certificate  of  authority,  two  dollars. 

For  every  copy  of  paper  filed,  tim  ctmts  per  folio,  and  lifty  cents 
for  certifying  to  the  same,  and  anixing  the  seal  of  office  thereto. 

Reciprocal  provision.     For  examinations,  necessary  expenses. 

Penalties.-For  failure  to  conform  to,  or  for  violation  of  laws,  a 
fine  not  to  exceed  one  thousand  dollars,  and  imprisonment  not  exceed- 
ing six  months. 

Taxes  -Each  and  every  insurance  company  transacting  business 
in  this  Territory  shall  bo  taxed  upon  the  excess  of  premiums  rec.-ived 
ovor  losses  and  ordinary  expenses  incurred  within  the  Territory  during 
the  year  previous  to  the  year  of  listing  in  the  county  where  the  agent 
conducts  the  business,  properly  proportioned  by  the  company  at  the 
same  rate  that  all  other  personal  property  is  taxed,  and  the  agent  shall 
render  the  list,  and  be  personally  liable  for  the  tax;  and  if  he  refuses 
to  render  the  hst,  or  to  make  affidavit  that  the  same  is  correct  to  the 
best  of  his  knowledge  and  belief,  the  amount  may  be  assessed  accord- 
ing to  the  best  knowledge  and  discretion  of  the  a.ssessor,  and  the  county 
board  of  equalization  may,  at  their  discretion,  add  fifty  per  cent,  to  the 


T" 


76  STATUTORY      H  E  Q  U  I  R  E  M  E  N  T  8  . 

amount  returned  by  the  assessor.  Insurance  companies  shall  be  sub- 
ject to  no  other  taxation  under  tlie  laws  of  this  Territory,  except  taxes 
on  real  estate,  and  the  fees  imposed  as  above. 

ASSESSMENT    INSURANCE. 

Admission. — The  papers  for  admission  must  show  that  the  com- 
pany applying  has  deposited  not  less  than  fifty  thousand  dollars  with 
the  proper  authorities  of  its  own  State  as  a  guarantee  fund  for  the 
security  of  'ts  members.  It  must  also  deposit  with  the  Auditor  a  cer- 
tified copy  of  its  charter  or  articles  of  incorporation,  a  copy  of  its  state- 
ment of  business  for  the  preceding  year,  sworn  to  by  its  president  and 
secretary,  or  like  officers,  showing  a  detailed  account  of  expenses  and 
income,  the  amount  of  life  indemnity  in  force,  its  assets  and  liabilities, 
in  detail,  number  of  members,  and  a  certificate,  sworn  to  by  the  presi- 
dent and  secretary,  or  like  officers,  setting  forth  that  an  ordinary  assess- 
ment upon  its  members  is  suHicient  to  pay  its  maximum  certificate  of 
membership  to  the  full  limit  named  therein;  a  copy  of  its  policy  or 
certificate  of  membership,  application  and  by-laws,  which  must  show 
that  death  losses  are  in  the  main  provided  for  by  assessments  upon  the 
surviving  members;  and  it  shall  legally  designate  a  person  or  agent 
residing  in  the  Territory  to  leceive  service  of  process  for  said  corpora- 
tion. Also  that  benefits  are  only  paid  to  persons  having  an  insurable 
interest. 

Annual  Statements  must  be  filed  on  or  before  March  Ist  in 
each  year,  on  blanks  furnished  by  Auditor. 

Fees.— For  filing  preliminary  papers,  one  hundred  dolls rs. 
For  filing  annual  statements,  twenty-five  dollars. 

Penalties.— Agents,  for  doing  business  for  unauthorized  com- 
panies, are  subject  to  a  fine  not  exceeding  one  thousand  dollars,  or 
imprisonment  not  exceeding  one  year,  or  both. 


NEBRASKA. 

[Leglslatore  meets  biennially.    Next  eeselon,  January  4, 1887] 

H.  A.  Babcock,  Auditor  of  State,  Lincoln. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State_  before  admission  shall  file  with  the  Auditor — 

A  certified  copy  of  its  charter,  act  of  incorporation,  or  deed  of 
settlement. 

A  statement  under  the  oath  of  the  president,  vice-president,  or 
other  chief  officer,  and  secretary  of  the  company,  showing  its  name, 
location,  capital,  and  also  its  assets  and  liabilities,  in  detail. 

A  copy  of  the  last  annual  report,  if  any  made,  under  any  law  of 
the  Stale  by  which  the  company  was  incorporated. 

Every  life  company  .shall  also  file  a  written  instrument  under  the 
seal  of  the  company,  signed  by  the  president  and  secretary,  authoriz- 
ing an  agent  of  the  company  to  acknowledge  service  of  process,  and 


STATUTORY     REQUIHKMENTS. 


77 


consenting  tliat  service  of  process  upon  such  agent  shall  be  taken  and 
held  to  be  as  valid  as  if  served  on  the  company,  and  waiving  all  claims 
of  error  by  reason  of  such  service. 

Fire,  marine,  and  other  companies  shall  appoint  an  attorney  resi- 
dent, at  the  county  seat  of  each  county  in  which  the  company  shall 
establish  agencies,  and  shall  file  with  the  Auditor  a  written  instrument, 
authorizing  such  attorney  to  acknowledge  service  of  process  for  and 
in  behalf  of  the  company,  and  consenting  that  service  of  process  upon 
such  attorney  shall  be  taken  and  held  to  be  as  valid  as  if  served  upon 
the  company,  and  waiving  all  claim  of  error  by  reason  of  such  service. 

Certificates  and  Agents.  —  Every  company  (except  a  life  com- 
pany) shall  procure  a  certificate  from  the  Auditor,  showing  that  the 
company  has  complied  with  all  the  requirements  of  law  relating  to 
insurance,  and  such  certificate  shall  be  published  once,  in  two  news- 
papers of  general  circulation,  one  of  which  newspapers  shall  be  pub- 
lished at  the  capital  of  the  State. 

The  agent  of  every  life  company  shall  procure  from  the  Auditor  a 
certificate,  and  file  the  same,  together  with  a  copy  of  the  statement 
filed  with  the  Auditor,  in  the  office  of  the  clerk  of  the  county  in  which 
he  or  they  may  desire  to  establish  an  agency  for  any  such  company. 
Sifch  statement  and  •certificate  shall  be  published  one  week  in  one 
daily,  and  four  weeks  in  one  weekly  newspaper,  published  in  the 
county  in  which  such  agency  is  established;  if  no  daily  paper  be  pub- 
lished in  such  county,  then  such  pubhcation  shall  be  sufficient  if  made 
in  one  weekly  newspaper  as  aforesaid;  if  no  weekly  newspaper  be 
published  in  the  county,  then  such  publication  shall  be  made  m  one 
weekly  newspaper  of  this  State,  of  most  general  circulation  in  such 

county.  .         ii 

Every  agent  before  transacting  business  shall  procure  from  the 

Auditor  a  certificate  of  authority. 

All  certificates  shall  be  renewed  annually,  and  shall  annually  be 
filed  and  published  as  aforesaid. 

Every  agent  of  any  company,  in  all  advertise ra en ts  of  such  agency, 
shall  publish  the  location  of  the  company,  giving  the  name  of  the  city, 
town,  or  village  in  which  the  company  is  located,  and  of  the  State  or 
government  under  the  laws  of  which  it  is  organized. 

Examinations  and  Impairments.  — The  Auditor,  whenever 
he  shall  deem  it  expedient,  may  examine  into  the  condition  and  att'airs 
of  any  company  doing  business  in  this  State.  Whenever  the  Auditor 
shall  deem  it  for  the  best  interest  of  the  public,  he  shall  publish  the 
result  of  such  examination  in  one  or  more  papers  of  this  State.  If  it 
shall  appear  to  the  satisfaction  of  the  Auditor  that  the  affairs  of  any 
such  company  are  in  an  unsound  condition,  he  shall  revoke  the  certifi- 
cates granted  in  behalf  of  such  company,  and  shall  cause  the  notifica- 
tion thereof  to  be  published  in  some  newspaper  of  general  circulation 
published  at  the  State  capital. 

No  fire  or  marine  company  can  transact  business  in  this  State  if, 
after  the  company  is  charged  with  its  proper  liabihties  and  the  sum 
requisite  for  re-insurance  ascertained  as  required  by  law.  its  capital 
stock  is  impaired  to  the  extent  of  twenty  per  cent,  thereof. 


rmii,imi,pi 


t^ssaft" 


=^Wi|S^SS^^^^*w^wwww«w 


78 


STATtlTOnY      BEQriREMFNTfl. 


Fire  and  Marine.  —  Every  company  must  possess  an  actual  paid- 
up  capital  of  two  hundred  thousand  dollars,  cxclusivo  of  any  assets 
deposited  in  any  other  State  or  Territory,  for  the  special  benefit  or 
security  of  the  insured  therein. 

Every  such  company  must  also  have  on  deposit,  in  some  one  of  the 
United  States  or  Territories,  a  sura  not  less  than  twenty-five  thousand 
dollars,  for  the  special  benefit  and  security  of  the  insured  therein. 

Annual  statements  shall  be  filed  on  the  first  day  of  January  in  each 
year,  or  within  thirty  days  thereafter,  showing  the  condition  and  busi- 
ness of  the  c<jmpany  on  the  preceding  thirty-first  day  of  December. 

The  re-insurance  fund  shall  be  computed  at  forty  per  cent,  of  the 
premiums  on  all  unexpired  risks. 

Life.  —  Every  company  must  possess  assets,  properly  invested,  to 
the  amount  of  one  hundred  thousand  dollars 

Annual  statements  .shall  be  filed  in  the  month  of  January  in  each 
year,  showing  the  condition  and  affairs  of  the  company  on  the  preced- 
ing thirty-first  day  of  December. 

]f  any  such  company  has  made  any  deposit  in  any  other  State  or 
Territory  for  the  exclusive  benefit  of  its  policy-holders  therein,  then 
such  company  shall,  on  the  first  day  of  January,  annually,  return 
under  oath  to  the  Auditor  a  statement  showing  the  amount  of  pre- 
miums received  in  this  State  during  the  year  preceding,  and  shall 
deposit  with  the  Auditor,  for  the  benefit  of  the  insured  in  this  State, 
five  per  cent  of  such  premiums,  either  in  money  or  in  stocks  or  bonds 
secured  by  mortgage  of  property  in  this  State,  and  shall  continue 
such  deposit  from  year  to  year,  until  the  sum  of  forty  thousand  dollars 
is  deposited. 

Foreign.  —  Every  life  company  shall  furnish  evidence,  to  the 
satisfaction  of  the  Auditor,  that  it  has  invested  in  the  stocks  of  some 
one  or  more  of  the  States  of  this  Union,  or  of  the  United  States,  the 
amount  of  one  hundred  thousand  dollars,  and  that  such  stocks  are  held 
by  citizens  of  the  United  States,  or  in  bonds  secured  by  mortgages  of 
real  estate  situated  in  the  United  States,  fully  securing  the  amount  for 
which  the  same  is  mortgaged,  or  bonds  of  cities  of  the  United  States, 
the  aggregate  market  value  of  the  investment  of  the  company  in  which 
shall  not  be  less  than  one  hundred  thousand  dollars. 

Deposits. —  {See  Life  and  Foreign.') 

Fees.  —  For  filing  and  examination  of  the  Brst  application  of  any 
company,  and  is-suing  the  certificate  or  license  thereon,  fifty  dollars. 

For  filing  each  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority,  two  dollars. 

For  every  copy  of  any  paper  on  file,  ten  cents  per  folio,  and  fifty 
cents  for  certifying  the  same  and  affixing  the  seal  of  office  thereto. 

For  examining  companies,  the  actual  expenses  incurred. 

Reciprocal  provision. 

Taxes.  —  Stock  insurance  companies  transacting  business  iu  this 
State  shall  be  taxed  in  the  same  amount  and  at  the  same  rate  that  all 
other  proparty  is  taxed,  upon  the  amount  of  premiums  taken  by  tliem 
during  the  year  previous  to  the  listing  in  the  county  where  the  agent 


r 


STATUTORY      REQUIKEMENT8, 


79 


conducts  tb-^  business  of  said  company,  and  the  agent  shall  be  person- 
ally lial)le  lor  the  taxes;  and  if  he  fail  or  refuse  to  render  the  list,  or 
to  swear  to  the  same  as  herein  required,  the  amount  may  be  assessed 
according  to  the  best  knowledge  and  information  of  the  assessor. 
Reciprocal  provision. 

Penalties.  —  Any  person  violating  any  provision  of  law  relating 
to  insurance  shall  be  fined  in  a  sum  not  exceeding  one  thousand  dol- 
lars, or  imprisoned  in  the  county  jail  not  less  than  thirty  days  nor 
more  than  six  months. 

ASSESSMENT    INSURANCE. 

Nebraska  has  no  laws  regulating  the  admission  or  business  of 
assessment  companies. 


NEVADA. 


[LcgUlatnre  meetB  biennially.    Next  session,  January  3, 1887.] 

J.  F.  Hallock,   Comptroller,  Carson  City. 

Admission.  —  Every  company  must  possess  a  paid-up  ca=h  cap- 
ital, unimpaired,  of  two  hundred  thousand  dollars,  and  must  file  with 
the  Comptroller  — 

A  certificate  showing  the  possession  of  such  capital. 

A  power  of  attorney  showing  the  company  to  bo  a  duly  organized 
insurer  or  corporation,  the  principal  place  of  busint  of  the  company 
and  its  principal  place  of  business  for  the  Pacific  coa  .,  and  authoiiz- 
ing  a  citizen  and  resident  of  the  State  to  act  as  its  attoi'ney,  upon 
whom  aU  legal  process  may  be  served.  In  case  of  death,  or  removal 
of  such  person  from  the  Slate,  legal  service  of  process  against  such 
company  may  be  made  upon  the  Comptroller. 

The  Comptroller  may  require  the  filing  of  a  certified  copy  of  the 
charter  of  such  company. 

Certificates.  —  Every  company,  and  each  of  its  agents,  before 
transacting  business  in  the  State,  must  procure  from  the  Comptroller  a 
certificate  of  authority. 

Examinations  and  Impairments.  —  Upon  the  written  repre- 
sentation of  three  citizens,  and  the  belief  of  the  Comptroller,  that  any 
company  has  leas  than  two  hundred  thousand  dollars  paid-up  unim- 
paired cash  capital,  he  shall  make  investigation,  or  require  proof  of 
the  financial  condition  of  any  company.  The  certificate  of  tbe  insur- 
ance oflBcer  of  any  State  having  an  insurance  department  shall  be  suf- 
ficient evidence  of  the  possession  of  said  capital  unimpaired.  If  such 
certificate  on  request  is  not  furnished  in  sixty  days,  the  Comptroller  may 
revoke  the  certificate  of  such  company  to  do  business  in  this  State. 

Life.  —  The  requirement  of  capital  paid-up  shall  not  apply  to 
mutual  life  insurance  companies  having  assets  to  the  amount  of  one 
million  dollars  or  raoro.  Any  company  having  outstanding  policies  in 
this  State  may  appoint  agents  solely  to  collect  the  same,  if  it  shall  ap- 


r 


80 


STATUTORY      HEQU1BKMENT8. 


point  an  attorney  and  file  such  appointment  with  the  Comptroller.  The 
Comptroller  will  then  issue  a  certificate  authorizing  agents  to  make  such 
collection. 

Foreign.  —  Company  must  have  invested  or  deposited  in  the 
United  States,  for  benefit  of  policy-holders  therein,  two  hundred 
thousand  dollars  in  excess  of  its  liabilities  in  the  United  States. 

Fire.  —  In  case  of  total  loss,  if  the  amount  thereof  is  ascertained 
to  be  less  than  the  amount  insured,  the  insurer  shall  return  to  the  in- 
sured the  unearned  premium  for  the  excess  of  insurance  over  loss. 

License  and  Fees.  —  Each  company  must  pay  for  an  annual 
license  one  hundred  dollars. 

For  filing  power  of  attorney  and  issuing  certificate,  five  dollars. 

ASSESSMENT   INSURANCE. 

Nevada  has  no  laws  regulating  the  admission  or  business  of  assess- 
ment companies. 


NEW  HAMPSHIRE. 

[Legislature  meuts  bieanially.    Next  eeBBlon,  June  6, 1887.] 
OiJVER  PiLLSBURY,  Insurance   Commt    .  tier,  Concord. 

Admission.  — Every  company  desiring  to  transact  busine?s  in  this 
State,  before  admission  must  file  with  the  Commissioner — 

A  certified  copy  of  its  charter  and  by-laws. 

A  statement  under  the  oath  of  the  President  and  Secretary,  show- 
ing the  condition  and  affairs  of  the  company. 

Every  such  company  heretofore  admitted  to  do  business  in  this 
State  prior  to  March  first,  1876,  and  every  company  applying  for  ad- 
mission, shall  file  with  the  Insurance  Commissioner  a  written  stipula- 
tion, duly  authenticated  by  the  company,  agreeing  that  any  legal  pre 
cess  afiecting  the  company  served  on  the  Insurance  Commissioner  for 
the  time  being  shall  have  the  same  effect  as  if  served  personally  on 
the  company  within  this  State.  When  process  is  served  on  the  com- 
missioner lie  shall  make  a  memorandum  of  the  fact  and  inform  the 
company  by  letter  addressed  to  its  principal  oflBce  in  this  country,  and 
shall  on  the  next  day  forward  the  copy  of  process  servd  upon  him  to 
the  company. 

If  any  company  neglect  to  pay  any  final  judgment  against  it  for 
thirty  days  after  demand  is  made  for  the  same  upon  the  attorney  of 
the  company,  the  Commissioner  shall  suspend  the  business  of  the  com- 
pany in  this  State  until  such  judgment  is  paid. 

Certificates  and  Agents.  —  Everycompany,  before  doing  busi- 
ness in  this  State,  shall  receive  frc  '  ' '  c;  "ommissioner  a  license,  which 
shall  expire  on  the  first  day  of  i  xi  ,  .ivril,  and  shall  be  renewed  on 
said  day  and  annually  thereafter. 

Every  agent,  before  doing  busir'  >  *'or  any  company,  must  file  with 
tiie  Commi.aiouer  a  certificate  from  the  company,  or  its  general  agent, 


T- 


BTATUTOBY      KKQUIBEMENTB, 


81 


aiithorizinf?  bim.to  act  as  such  a^ont  and  rocoive  from  the  Commis- 
sioner  a  license,  which  shall  continuo  in  force  until  the  hist  day  ol  the 
next  April  and  shall  be  renewed  on  said  day  and  annually  tiiereattcr, 
upon  the  filing  by  such  agent  of  his  certiticate  of  appointment  as 
aforesaid. 

Examinations  and  Impairment^.  — The  Commissioner  may 
at  any  time  examine  into  the  condition  of  any  company  domg  business 
in  this  State.  If,  in  his  opinion,  sucii  company  is  in  an  unsound  or 
failing  condition,  he  shall  revoke  all  licenses  granted  to  such  company 
and  its  ai^onts  by  written  notice  to  th-.s  company  and  publication  there- 
of in  one  newspaper  published  at  Concord  and  one  at  Manchester, 
having  each  the  largest  circulation  in  this  State  from  those  places.^ 

No  company  poijsessing  a  capital  stock  can  do  business  in  this  State 
if  the  same  is  impaired  to  the  extent  of  twenty  per  cent,  after  provid- 
ing for  the  proper  liabilities  and  re-insurance  reserve  of  such  company. 
No  mutual  company  can  do  business  in  this  State  if  its  assets  are 
not  equal  to  its  outstanding  liabdities  and  re-insurance  reserve,  calcu- 
lated  as  required  by  law. 

Fire  and  Marine. -~  Every  stock  company  must  possess  a  paid- 
up  capital  of  two  hundred  thousand  dollars,  and  every  mutual  com- 
pany assets  readily  convertible  into  cash,  amounting  to  two  hundred 
thousand  dollars.  , 

Annual  statements  shall  be  filed  on  or  before  the  first  day  of  MarcH 
in  each  year,  showing  the  adairs  an.l  condiiion  of  the  compa,ny  on  the 
preceding  thirty-first  day  of  December. 

The  re-insurance  fund  is  calculated  at  fifty  per  cert,  of  premiums 
on  unexpired  fire  risks,  and  the  whole  premium  on  unexpired  marme 

All  losses  on  fire  risks  shall  be  adjusted  within  fifteen  days  after 

notice  thereof. 

If  any  company  has  determined  to  rebuild  or  repair  any  premises 
destroved  or  damaged  by  fire,  such  company  shall  oommenco  v.-ithin 
twenty  days  after  such  adjuscment  and  prosecute  the  work  Anth  all 
reasonable  diligence  until  completed,  if  any  company  neglect  to  ad- 
just any  such  loss,  or  rebuild  or  repair  the  promises  within  the  time 
limited,  the  person  insured  may  rebuild  or  repair  the  same  at  the  ex- 
pense of  the  company,  not  exceeding  the  amount  insured. 

All  poUcies  written  in  New  Hampshire  are  ."ibject  to  its  valued 
policy  law.  Companies  entering  the  State  are  prohibited  from  com- 
bining  to  govern  or  control  rates;  they  must  write  a  standard  policy 
prescribed  by  law.  ami  warranties  are  made  representations  merely, 
and  their  untruth  must  contribute  to  the  loss  to  void  the  policy. 

Life. Every  company  shall  possess  assets  to  the  amount  of  two- 
hundred  thousand  dollars.  „       ,        t  »«      u 

Annual  statements  shall  be  filed  on  or  before  the  first  day  of  March 
in  each  year,  showing  the  condition  of  the  comnany  on  the  preceding 
thirty-first  day  of  December.  ,      ,      ■       en. 

The  premium  reserve  shall  be  ascertained  upon  the  basis  of  the 
Actuaries'  Table  of  Mortality,  with  interest  at  four  per  cent,  per 
annum. 

11 


owissmm 


82  STATUTORY     REQUIRBMENT8, 

Fees.  —  For  filing  statement,  five  dollar?.  • 

For  license  to  company,  five  dollars. 
For  license  to  agents,  one  dollar. 

Taxes,  —  Every  company  sliali,  on  or  before  the  first  day  of  March 
in  (>acli  year,  make  to  the  commissioner  a  statement  under  the  oatli  of 
the  President  and  Secretary,  sbowir  /  the  gross  amount  of  premiums 
received  in  the  State  for  the  year  ending  on  the  preceding  thirty-first 
day  of  December.  The  commissioner  sliali.  on  or  before  the  (irst  day 
of  April  in  each  year,  asse^  s  a  tax  of  one  i)er  cent,  upon  ach  pre, 
miums,  and  shall  give  notice  of  tiie  amount  thereof  to  each  company. 
The  amount  of  such  ta.v  shall  be  paid  to  the  State  Treasurer  within 
one  month  after  such  notice. 

Penalties, —  Any  violation  of  any  of  the  laws  relating  to  insur- 
ance shall  subject  the  offender  to  a  penalty  not  exceeding  two  thousand 
dollars  tor  each  offense. 

Agents  acting  without  license,  or  for  unauthorized  companies,  are 
subject  to  a  penalty  of  one  hundred  dollars  for  each  offense. 

ASSES.SMENT    INSCHANCE. 

New  Hampshire  has  no  laws  regulating  admission  of  assessment 
companies  as  such.     They  must  comply  with  Ufe  insurance  laws. 


NEW  JERSEY. 


[Legislature  mpcts  anniially.    Next  SeesioD,  January,  1887.] 

Henry  C,  Kelsey,  Secretary  of  State,  Trenton. 

Admission, —  Every  company,  before  admission  to  this  State, 
must  possess  an  actually  paid  in  and  well-invested  capital  stock  of  at 
least  one  hundred  and  fifty  thousand  dollars,  over  and  above  all  claims 
and  liabilities,  and  shall  file  with  the  Secretary  of  State  a  statement 
signed  and  sworn  to  by  its  president  and  secretary  showing  the  con- 
dition and  business  of  the  company,  and  giving  the  naine  and  residence 
of  each  agent  of  the  company  in  this  State. 

Certificates  and  Agents. —  Every  company,  before  transact- 
ing business,  shall  procure  from  the  Secretary  of  State  a  certificate  of 
authority  authorizing  it  to  transact  business  and  establish  agencies  in 
this  State. 

Every  company  shall  furnish  the  Secretary  of  State  a  list  of  the 
agents  appointed  and  commissioned  in  the  State,  and  every  such  agent 
shall  procure  from  him  a  certificate  of  authority  before  transacting 
business. 

All  certificates  of  authority  shall  be  renewed  annually  in  the  month 
of  January. 

Examinations  and  Impairments. —  The  Secretary  of  State 
may  examine  any  company  doing  business  in  this  State,  and  if  it  shall 
appear  as  a  result  of  such  examination  that  the  assets  of  any  fire  insur- 


Lb^ 


ay  of  March 

the  oiitli  of 
f  proniiiims 
I  thirty- first 
the  (irst  day 
1  (ich  pre, 
ih  company, 
surer  within 


ig  to  insur- 
vo  thousand 

npanies,  are 
le. 


assessment 
laws. 


this  State, 
I  stock  of  at 
re  all  claims 
a  statement 
inj;  the  con- 
>d  residence 


re  tmnsact- 

;erlificate  of 

agencies  in 

list  of  the 
such  agent 
transacting 

I  the  month 


ry  of  State 
d  if  it  shall 
ly  fire  insur- 


STATUTORY      HEQUIUEMENT8. 


83 


ance  cmpany,  after  charging  it  with  th(*  amount  requisite  for  the  re- 
insurance of  its  outstanding  risks  and  with  its  other  proper  Inihihlien, 
amount  to  less  Wxm  three-f -irths  of  Us  capital  sto.tk,  or  that  the  assets 
of  anv  life  insurance  company  are  not  sulliciont  to  ro-insure  its  out- 
standuitt  risks  and  discharge  its  total  actuil  liabilities,  ho  shall  revoke 
the  certificates  gi-antod  to  sich  company  and  its  agc^nts.  and  publish 
notice  of  such  revocation  in  two  news[)aiiers  published  m  Cieuton  ami 
Newark  respectively,  at  least  six  tiinea. 

Fire,  Marine,  and  Life.— Annual  statements  shall  be  filed  in 
the  month  of  Jruiuarv  in  each  year,  and  shall  show  the  condition  of 
the  company  on  the  31st  day  of  December  preceding,  and  state  the 
name,  residence,  and  amount  of  premiums  received  by  each  age'^it  dur- 
ing the  preceding  year.  .  .,    •     u 

Fovoign  companies  that  do  not  make  a  statement  of  their  home 
business  to  the  Secretary  of  State,  are  prohibited  from  advertising  the 

Life  policies  may  bo  valued  by  the  American  Experience  I  able  ol 
Mortality,  with  interest  at  four  and  one-half  per  cent,  per  annum,  or 
the  Actuaries'  Table  of  Mortality,  with  interest  at  four  per  cent,  per 
annum,  or  any  other  recognized  standard  of  valuation. 

Fees.—  For  filing  certified  copy  of  charter,  twenty  dollars. 
Annual  statement,  twenty  dollars. 
Certificate  to  agents,  two  dollars. 
Reciprocal  provision. 

Taxos.  —  Every  insurance  company  in  its  annual  statement  shall 
state  the  gross  amount  of  premiums  received  in  the  State  during 
the  preceding  year,  and  shall  on  or  before  the  first  day  of  July  follow- 
ing in  each  year  pay  to  the  Secretary  of  State  a  tax  of  two  per  centum 
upon  such  premium.  . 

Every  fire  insurance  company  of  another  Gtate  doing  business  in 
this  State,  is  required  to  return  to  the  treasurer  of  the  firempn's  relief 
association  in  any  city,  town,  borough,  township,  or  fire  district,  on  the 
1st  day  of  January  and  Ist  day  of  July  in  each  year,  an  account  of 
all  premiums  received  during  the  previous  six  months  for  insurance 
against  loss  or  injury  by  fire  upon  property  in  any  such  city,  town, 
borough,  township,  or  fire  district,  and  to  pay  a  tax  of  two  per  cent, 
thereon  within  one  month  after  the  respective  times  for  making  of 
said  returns  to  such  treasurer. 

Agents  are  also  required  to  make  a  like  return  aii'i  to  pay  a  like  tax. 
thereon.  Payments  made  by  agents  to  be  deducted  from  the  amount 
to  be  paid  by  said  companies.  Upon  failure  to  make  such  return  and 
payment,  the  certificates  to  company  or  agent  shall  be  revoked.  The 
amount  thus  paid  is  deducted  from  the  amount  payable  to  the  Secretary 
of  State. 

Life  insurance  companies  of  States  which  do  not  impose  a  greater 
assessment  upon  companies  of  this  State,  shall  pay  annually,  in  lieu  of 
the  tax  of  two  per  centum  the  sum  of  twenty  dollars  for  each  and 
every  agent  appointed  by  and  acting  for  them.  But  agents  transacting 
industrial  business  only  are  exempt  from  said  charge  of  $20.  The  act 
is  not  reciprocal  in  regard  to  the  above  charges;  and  when,  by  the  laws 


T 


1>»18»i{t,JMi!'t8'.jiliJIIIMM*'t*WWMMM-iJM 


84 


STATlITOnV      RKQUIREMENTS. 


of  any  State  or  Nation,  creator  taxes  than  the  foregoing,  or  other 
requiroincnta  or  impositions  whatsoever  are  imposed  or  made  upon 
comi)iinios  of  this  State,  lii<o  tiixo:^  and  roiiuiroments  are  imposed  upon 
companies  of  such  State  or  N'atiou  doing  businesc  in  New  Jersey. 

Penalties. —  Every  violation  of  the  laws  relating  to  insurance 
shall  suliject  the  offender  to  a  penalty  of  not  more  than  five  hundred 
dollars  for  each  offense. 

Kvery  advertisement  of  whatever  nature  which  gives  the  assets  of 
a  company  must  also  state  its  liabilities,  and  it  is  unlawful  to  advertise 
unpaid  capital.  Any  comi)aiiy  or  agent  circulating  advertisements 
contrary  to  this  provision  is  subject  to  a  fine  as  above.  Agents  are 
subject  to  the  same  fine  for  doing  business  without  authority,  or  for 
unauthorized  companies. 

Anv  company  failmg  to  make  and  fde  its  annual  statement  for 
thirty  days  after  the  time  provided  by  law.  shall  be  subject  to  a  penalty 
of  five  Imndred  dollars,  and  a  like  penalty  for  every  month  it  continues 
to  do  business  in  this  State  without  filing  such  statement. 

ASSESSMENT    1K8UBANCE. 

The  laws  of  New  Jersey  do  not  permit  the  admission  to  transact 
business  in  that  State  of  co-operative  or  mutual  assessment  companies 
of  other  States. 


NEW  YORK. 

[Logicliitnre  meotu  nnimally.    Next  SesBion,  January,  1887.] 
R.  A.  Maxwell,  Superintendent  of  Insurance  Department,  Albany. 

Admission.  —  Every  company  must  possess  the  amount  of  cap- 
ital and  assets  hereinafter  mentioned,  before  being  admitted  to  trans- 
act business  va  this  State,  and  must  file  with  the  Superintendent  — 

A  certified  copy  of  its  charter  or  deed  of  settlement. 

A  statement  under  the  oath  of  the  president  or  vice-president  or 
other  chief  officer  and  secretary  of  the  company,  stating  the  name, 
location,  capital,  assets,  and  liabilities  of  the  company,  in  detail. 

A  copy  ->f  the  last  annual  report,  if  any,  made  under  any  law  of  the 
Stat'f  by  which  such  company  is  incorporated.     (Firk  Companies.) 

Every  company  must  also  appoint  the  Superintendent  of  Insurance 
its  attorney  to  accept  service  of  process,  in  any  suit  or  proceeding 
at  law. 

Certificates  and  Agents.  —  Every  agent  of  any  company  ad- 
mitted to  transact  business  in  this  State  shall  procure  from  the  Super- 
intendent a  certificate  of  authority,  stating  that  such  company  has 
complied  with  all  the  requirements  of  law,  and  the  name  of  the  attor- 
ney appointed  to  act  for  the  company.  A  certified  copy  of  such  cer- 
tificate of  authority  shall  be  filed  intlieofBce  of  the  clerk  of  the  county 
where  the  agent's  oCfice  is  located  and  the  agency  established. 

Agents  of  every  fire  company  must  also  file  with  the  county  clerk 
a  copy  of  the  statement  of  the  company,  and  publish  the  certificate  of 
authority  four  successive  times  in  the  paper  in  which  the  State's  notices 


BTATUTORT      REQPtREMENTS. 


85 


'■ 


are  required  to  1.o  inserted,  and  within  thirty  dnys  thereHft.r  file  with 
n  0  Sm..M-inten.!ent  th.- afTi.iuvit  «f  the   publisher  of  such   inpr   h.a 
l,.ro,nan  or  clork.  .howiug  such  imblicafon.     Every  agent  <I^"'P^ J''^ 
busineHH  ,n  anv  incorporated  city  or  village  shall  execute  a  bond.  VMth 
such  sureties  as  the  tfeasurer  of  .he  lire  d.par.n,ent  shall  ''p-jv^;'-; 
dilioned  that  lu^  will  make  true  and  correct  returns  as  required  by  law 
of  the  amount  of  pn.n.iums  received  by  him  and  Pf.v  tl'-«  ^axes   luM-eon 
imposed.     In  the  city  or  county  of  New  York  such  bonds  must  be  for 
the  sum  of  one  thousand  dollars.     In  every  oth..r  ■"^'To™  ;;<  ;'  y  'j  ;f 
village,  such  bond  must  be  in  a  sum  not  exceeding  five  bundled  doU 
lars      Where  company  has  no  agent  its  oiTicers  or  manager  must  hie 
bond  with  Superintendent,  in  the  sum  of  two  thousand  hve  hundred 
dollars  before  it  may  lawfully  write   policies  upon   VVO]>i,ay  in  sucli 
cities  or  villages.     Agent,  of  each  manne  company  shall  hie  m       e 
office  of  the  clerk  of  the  county  in  which  they  reside  a  copy  of  the 
statement  of  the  company,  and  publish  the  same  in  a  "'^^^^f  P*;'.  ('^  ""^ 
be  published  in  the  county)  at  least  six  successive  weeks  af  erthe  same 
is  so  filed.     Such  agents  shall  execute  and  deliver  to  the  Comptroller 
a  bond  in  the  sum  of  one  thousand  dollars,  with  such   sureties  as  the 
Comptroller  shall  approve,  conditioned  that  such  agents  shall  make 
returns  and  pay  taxes  as  required  by  law. 

Certificates  of   authority  shall   be  renewed  annually,  and  shall  bo 
filed  and  published  in  the  same  maimer  as  the  original  certihcate  of 

^^^  Sy  agent,  in  all  advertisements  of  any  company  he  represents, 
shall  publish  the  location  of  the  company,  giving  city,  town,  or  village, 

*"  'J'he  following  are  the  provisions  for  licensing  agents  to  place  excess 

liens  in  unauthorized  companies  :  ,    i,  i,       ,,.1,^^ 

The  Superintendent  of  the  Insurance  Department  shall  be  author- 
ized to  issue  to  citizens  of  this  State,  in  consideration   of  the  year  y 
payment  of  two  hundred  dollars,  a  license  winch  shall  be  subject   o 
revocation  at  any  time,  permitting  the  person  or  hrm  named  in  said 
license,  to  act  as  agent  or  agonts  and  procure  polices  of  hre  ms"ran^« 
for  themselves  or  others,  on  properly  in  this  State  in  companies  which 
have  not  complied  with  the  laws  of  the  State  ;  but  before  any  j.erson 
or  firm  shall  act  as  agent  or  agents  under  or  by  vir  ue  of  said  license 
and  procure  policies  in  said  companies,  he  or  they  shall  execute  an  alli- 
davit  in  duplicate,  one  of  which  shall  be  filed  .^ith  the  msurance  de- 
partment.  and  the  other  in  the  clerk's  office  of  the  county  in  which  the 
property  proposed  to  be  insured  is  located,  setting  forth  that  the  per- 
son firm,  or  corporation  desiring  insurance  is  unable  to  procure  the 
amount  of  insurance  required  to  protect  said  property  owned  or  con- 
trolled by  the  said  person,  firm,  or  corporation,  from  the  ■nsurance 
companies  duly  authorized  to  transact  business  in  this  Sta'e  ;  provided, 
however,  that  in  counties  having  less  than  one  hunu,ed  thousand  m- 
habitants  the  license  fee  for  such  agent  shall  not  exceed  twenty-five 
dollars      The  agent  or  agents  who  by  virtue  of  said  license  shall  place 
any  such  insurance  or  procure  policies  in  any  such  unreprebented  com- 
panies, shall  keep  a  separate  account  thereof,  open  at  all  times  to  the 
u-pectlon  of  the  Superintendent,  showing   (1)  the   ..vact  amount  of 


'^' 


80 


HTATtJTOnV      UKQt'IBRMKNTS. 


fiucli  insnranco  placed  for  any  porson,  firm,  or  corpnrntiou  ;  ('2)  the 
^ross  iircmiiuiis  clmrgoil  thfrcim  ;  ^;i)  in  wliat  CDiuiuinics  ;  ^4)  t':v  dulo 
of  tlie  policy,  ami  (.I)  llio  torrn  tliori'of.  Tim  u;rtuiLs  provide. I  Cor  \>y 
this  tict.  shall  not  oxcood  two  hundred  in  nunilxtr  and  «;ich  porson  or 
(inn  rocoivinR  such  license  siiall  before  transacting  buHiness,  as  henun 
antliorized,  execute  antl  deliver  lo  tlu^  Superintendent,  a  bond  lo  the 
people  of  this  rftato,  in  the  penal  sum  of  two  lluiusand  dollars,  with 
such  sureties  an  the  riuperintemlent  shall  approve,  with  a  con- 
dition that  the  said  agent  will  faithfully  comply  with  all  the  ro- 
quirenients  of  this  act.  and  will  pay  -o  the  said  SujKjrintendent,  in 
Jauu:iry  and  ,luly  of  each  year,  the  tuiin  of  three  dollars  upon  the  liun 
drt'd  dolliUH.  and  at  that  rate  n  n  the  amount  of  gross  premiums 
charged  to  policy  holders  upon  n  polices  procured  by  such  agent 
during  the  preceding  six  months.  [)ursuant  to  tlii'.t  act.  It  is  further 
provided  that,  all  fire  insurance  jiolicies  is^iuid  to  residents  of  this  State, 
on  property  located  luM-ein,  by  coin[)anie8  that  havi;  not  com[)iied  with 
the  reijuirements  of  the  general  insurance  laws  of  the  State,  shall  bo 
null  and  void,  and  of  no  force  or  effect  whativer,  except  such  as  have 
boon  procured  in  the  manner  in  this  act  provided. 

Examinations  and  Impairments. — The  Superintendent, 
whenever  he  d(?onis  it  ex|)edient  or  whenever  he;  has  occasion  to  sus- 
pect the  correctness  of  any  statement,  shall  cause  an  examination  to 
1)0  made  into  the  affairs  of  any  company  doing  business  in  this  State. 
Whenever  ho  shall  deem  it  for  the  interest  ot  the  public,  ho  shall  pub- 
lish the  result  of  such  examination.  Whenever  it  shall  appear  from 
8uch  examination  that  the  affairs  of  any  company  are  in  an  unsound 
condition,  the  Superintendent  shall  revoke  the  certificates  granted  in 
behalf  of  such  company,  and  cause  a  notification  thereof  to  bo  pub- 
lished in  the  State  paper  for  four  weeks 

A  fire  insurance  company  cannot  do  business  in  this  State  when 
its  capital  stock  is  impaired  to  the  extent  of  twenty  per  cent. 

A  mutual  life  insurance  company  cannot  do  business  in  this  State 
when  its  assets  are  not  equal  to  its  liabilities,  includmg  the  premium 
reserved  computwl  as  required  by  law. 

A  stock  life  insurance  company  cannot  do  business  when  its  stock 
is  impaired  to  the  extent  of  fifty  per  cent. 

Fire  and  Marine.  —  A  fire  or  marine  insurance  company  must 
possess  a  paid-up  capital  of  two  hundred  thousand  dollars. 

Annual  statements  must  be  filed  in  the  month  of  January  in  each 
year,  and  show  the  condition  and  affairs  of  the  company  on  the  pre- 
ceding 3 1st  day  of  December. 

(Tlio  re-insurance  fund  is  computed  at  fifty  per  cent,  of  all  premi- 
ums on  unexpired  fire  risks  havinsr  one  year  or  less  to  run.  Pro  rata 
of  all  premiums  on  unexpired  fii'e  rif-ks  having  more  than  one  year  to 
ru.i.      The  entire  pi-emium  received  on  unexpired  marine  risks.) 

Every  company  must  file  in  the  office  of  the  Insurance  Superin- 
tendent an  agreement,  uncier  its  corporate  seal,  that  it  will  not  transact 
any  business  which  any  fire  insurance  company  is  prohibited  from 
transacting. 

No  investment  will  be  allowed  as  an  asset  that  is  not  held  as  pre- 


B  TAT  II  TO  BY      REQinUKMENTB. 


87 


' 


scribod  by  tho  law  of  this  Stale  except  unpai.l  prcininmH  on  p.lcios 
written  ss-ithiii  hrno  rnorithfi.  Ev.-rv  policy  of  itmuraiu'e  nuLst  tw  .an- 
coI.mI  at  tho  rcjUCHt  of  the  iiwured  ai.-l  the  preniiurii  paid  /cturnPrt 
less  the  cufltom.irv  ahoit-rate  t,r  •mmm  for  llio  expired  tune  of  lh<^  fiiH 
term  for  whicl>  sa'id  policv  has  bi^eii  iBmie<l.  No  coiiipaiiy  can  take 
any  onc^  rirtk  m  this  State  in  excess  of  ten  per  cent  of  it8  paid-up  (capi- 
tal stock  and  net  Hurphia.  No  company  shall  re-insure  any  risk  written 
or  located  in  this  Stat*!  with  any  company  not  admitted  to  transact 
business  in  this  State,  and  schedules  of  re-insuran-ies  must  be  filed  with 

anniiiil  statement.  ,,       n         •  i 

Every  advertisement  purporting  to  make  known  tho  nnaiicial 
Btandinir  of  any  eompnnv  shall  exhibit  the  capita!  actually  paul  in  in 
ca^h  and  the  amount  of  "net  surplus  over  all  liabilities,  including  in  the 
liatiiiitiea  the  re  insurance  reserve  on  outstHiidiiig  risks  Such  assets 
shall  only  be  included  in  the  advertisement  as  are  h<>ld  for  the  pro- 
tection of  holders  of  iiolicies  of  fire  insurance.  Such  advertisement 
shall  in  its  statennnit  of  the  fiimiirial  condition  of  the  company  corro- 
snoiid  with  the  verified  statement  last  filed  with  the  Insurance  Depart- 
ment  No  marine  company  is  permitted  to  pay  to  its  agents  more  than 
fifteen  per  centum  of  iMomiums  received  for  insuring  property  tn 
transitu  on  the  canals  of  this  State.  No  part  of  the  remainder  shall 
be  Tiaid  to  any  shipper,  middlenfan.  or  other  person,  directly  or  indi- 
rectly Every  company  shall  under  oath  make  such  statement  in 
reference  lo  such  payment  as  the  Insurance  Sup.M-intendent  shall  re- 
quire. Violations  of  this  requirement  may  bo  punished  by  revocation 
of  authority  to  do  business.  ,       -,     ,        3     •  v» 

On  and  after  the  first  day  of  May,  eighteen  hundred  and  eighty- 
seven,  no  fire  insurance  company,  corporation,  or  association,  their 
otlicers  or  agents,  shall  make,  issue,  use  or  deliver  for  use,  any  hre  in- 
surance policy,  or  a  renewal  of  any  fire  policy,  on  property  in  t  us 
StaU'  other  than  such  as  shall  conform  in  all  particulars  as  to  blanks, 
size  of  type,  context,  provisions,  agreements  and  conditions  with  the 
printed  form  of  contract  or  policy  filed  in  the  office  of  the  Secretary 
of  State  as  provided  for  in  the  first  section  of  this  act,  and  no  other  or 
different  provision,  agreement  condition,  or  clau.se  shall  in  any  manner 
be  made  a  part  of  said  contract  or  policy,  or  be  indorsed  thereon  or 
delivered  therewith,  except  as  follows,  to  wit :  .  ,      • 

/,yr.,/_The  name  of  tho  company,  its  location  and  place  of  busi- 
ness the  date  of  its  corporation  or  organization,  whether  it  is  a  stock 
or  mutual  company,  the  names  of  its  officers,  the  number  and  date  of 
the  policv,  and  if  it  be  issued  through  a  manager  or  agent,  the  words 
"this  policy  shall  not  be  valid  until  countersigned  by  the  duly  author- 
ized manager  or  agent  of  the  company  at  .  may 
be  printed  on  policies  issued  on  propei   '  in  this  State. 

Second—  Printed  or  written  forms  of  description  and  specification, 
or  schedules  of  the  property  covered  by  any  particular  pohcy,  and  any 
other  matter  necessary  to  clearly  express  all  the  facts  and  conditions 
of  insurance  on  any  particular  risk,  (which  facts  or  condiuons  shall  in 
no  case  be  inconsistent  with,  or  a  waiver  of  any  of  the  provisions  er 
conditions  of  the  standard  policy  herein  provided  for,)  may  be  written 
upon,  or  attached  or  appended  to  any  policy  issued  on  property  in  this 
State. 


r 


88 


BTATUTOBY     BEQOIKKMKNTd. 


Thinl—K  company,  corporation,  or  aHsociation  organiztd  or  in- 
corponittMl  uii.lor  and  i-i  pursuanco  of  tlio  lawH  of  UiiH  rftalo  or  olao- 
wlioro  if  ontitind  to.io  huHim-ss  in  tiiis  Stato.  may,  with  tlio  approval 
of  tho  riu[)iu'int«nd«nt  of  llio  lnsunm<;u  Dopartnumt,  if  llin  saino  ih  not 
alroadv  included  m  the  Htandard  form  to  bo  died  in  tlio  ollloo  of  the 
Set  otary  of  State,  as  provided  for  in  lirwt  section  of  this  act,  print  on 
itH  policies  anv  provision  which  it  is  hy  law  required  to  insert  tlier(<in, 
it  such  provision  is  not  in  conlllct  with  the  laws  of  this  State,  or  of  the 
United  States,  or  of  the  provisions  of  the  standard  form  provided  for 
herein  but  said  provision  or  provisions  shall  bo  printed  apart  from  the 
other  provisions,  agreements,  or  condition  of  the  policy,  und(*r  a  sep- 
arate title  as  follows  :  "  Provisions  reijuired  by  law  to  bo  stated  in  this 

policy."  .  .  ,  ., 

Any  insurance  company,  its  officers  or  agents,  or  either  of  them, 
making,  issuing,  (k-llvering  or  ofToring  to  deliver  any  policy  of  (ire  in- 
surance on  property  in  this  State  e.xcopt  as  hereinbefore  provided, 
shall  be  guilty  of  a  misdemeanor,  and  upon  complamt  made  by  the 
Superintendent  of  the  Insurance  Department  or  by  any  citizen  of  this 
State,  shall  upon  conviction  thereof  bo  punished  by  a  fine  of  not  less 
than  twenty-five  nor  more  than  one  hundred  dollars  for  the  first  offense, 
and  of  not  less  than  one  hundred  nor  more  than  two  hundred  and  fifty 
dollars  for  each  subsequent  offense  f  but  any  policy  so  made,  issued, 
and  delivered  shall  notwithstanding  be  binding  upon  the  company 
issuing  the  same. 

Life  and  Accident.— Everv  company  transacting  business  in 
this  State  must  possess  at  least  one  hundred  thousand  dollars  invested 
in  the  stocks  or  bonds  of  the  United  States,  the  State  of  Now  York,  or 
of  the  Stale  where  the  company  is  located,  or  m  loans  secured  by 
mortgage  on  improved,  unincumbered  r^&\  estate  withm  the  State 
where  such  company  is  located,  worth  seventy-five  p;'r  cent,  more  than 
the  amount  loaned  thereon  Such  security's  shall  be  deposited  with 
»he  Auditor,  Comptroller,  or  chief  financial  officer  of  the  State  where 
said  company  is  mcorporated,  for  the  benefit  of  all  the  policy-holders 
of  such  company,  and  the  Superintendent  shall  be  furnished  with  a 
certificate  thereof  under  the  hand  and  official  seal  of  such  officer,  stat- 
ing the  items  of  such  securities,  and  that  such  officer  is  satisfied  t^at 
they  are  worth  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  the  first  day  of  January  m  each 
year,  or  within  sixty  days  thereafter,  showing  the  condition  and  affairs 
of  the  company  on  the  preceding  31st  day  of  December. 

The  Superintendent  shall,  at  least  once  in  five  years,  and  annually 
in  his  discretion,  make  valuations  of  all  outstanding  policies,  in  every 
life  insurance  company  doing  business  in  this  State.  Per  the  purpose 
of  such  valuation  the  rate  of  interest  assumed  shall  be  four  and  one-half 
per  cent,  per  annum,  and  the  rate  of  mortality  shall  be  that  estab- 
lished bv  the  American  Experience  Table.  The  Superintendent  may 
in  his  discretion  accept  the  valuation  of  the  Department  of  Insurance 
of  any  other  State,  in  place  of  making  such  valuation,  provided  the 
insurance  officer  of  such  State  does  not  refuse  to  accept  as  sufficient 
and  valid  for  all  purposes  the  certificate  of  valuation  of  the  Insurance 
Department  of  this  State. 


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23  WEST  MAIN  STREET 

WEBSTER,  NY.  14580 

(716)  872-4503 


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Canadian  Institute  for  Historical  Microreproductions  /  Institut  canadien  de  microreproductions  historiques 


' 


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STATUTORY      REQITIUEMENTS. 


89 


.«    ^ 


The  re-insuranco  reserve  upon  accident  policies  is  the  unearned 
premium  on  policies  in  force  computed  on  each  risk  trom  the  date  of 

""fficlSS'S  insurance  issued  in  tins  State  upon  lives  of  hnsban.ls 
for  benefit  of  wives,  may  be  assigned  by  the  wife  with  tl-  w^^",;'^^^^^^^^ 
sent  of  her  husband,  and  in  case  of  her  death  by  her  legal  lei.iosenta- 

tivps  with  like  consent.  ,    ,,  ,  t^ 

No  life  company  doing  business  in  this  State  shall  have  power  to 
declare  forfeited  or  lapsed'any  p.,Ucy  issued  in  this  f  ^^^«  ^^  ''eason  o^ 
non-navment  of  any  annual  premium  or  interest,  unless  sucli  company 
shairwhTn  any  premium  or  interest  on  such  policy  is  due  and  unpaid 
8  nd  to  he  insured  or  his  assignee,  at  his  last  known  post-office  add ress, 
postage  paid,  a  written  or  printed  notice  stating  the  amoun  of  pre- 
mTum  or^ntLrest  due,  the  ^lace  where  and  the  person  to  whom  the 
same  is  payable,  and  that  if  said  premium  or  interest  ^^^^  pau  .  tlun 
thirty  days  after  mailing  of  such  notice  the  Pf  ^^  ^"<J,f.,  'V^?"'' 
thereon  will  be  forfeited.  If  the  insured  shall  within  the  thirty  days 
pay  the  required  amount,  such  payment  shall  be  a  full  compliance  with 
U  requirements  of  the  policy  in  that  respect  Such  not^^^^  --^y  ^e 
sent  to  tho  in.sured  or  his  assignee  not  less  than  thirty  nor  more  t  an 
BiKty  days  prior  to  the  time  when  the  premium  is  payable,  and  shall 
have  the  same  effect  as  if  sent  when  the  premium  is  past  due. 

Plate  Glass.— Such  companies  shall  make  the  same  deposits  as 
life  companies,  and  obtain  certificate  of  authority  before  domg  busi- 
ness. 

Foreign  —  Every  fire  and  marine  insurance  company  must  possess 
a  capital  of  which  there  is  paid  up  in  cash,  and  invested  in  ^^'^^^ 
of  the  same  general  character  as  those  which  companies  of  this  bta„e 
are  permitted  to  hold,  not  less  than  live  hundred  thousand  dollars. 

It  shall  also  file  with  the  Insurance  Superintenaent  an  agree me.nt 
under  the  corporate  seal  of  the  company  that  it  will  not  while  author- 
ized to  do  business  in  this  State,  transact  any  busmess  which  companies 
of  this  State  are  prohibited  from  transacting  .  ,      ,     ,  .„,.  ,„« 

Every  such  company  shall  deposit  with  the  Supermtendent  toi  the 
benefit  and  security  of  policy-holders  resi.ling  in  the  United  States  a 
sum  not  less  than  two  hundred  thousand  dollars  in  stocks  of  the  Uniterl 
States,  or  of  the  State  of  New  York,  or  in  l^o"ds  secured  by  rnoitgage 
on  improved,  unincumbered  real  estate  m  the  State  of  New  York, 
worth  fifty  per  cent,  more  than  the  amount  loaned  thereon,  ihe  capi- 
tal of  such  company  shall  be  the  aggregate  value  of  such  sums  or  secu^ 
rities  as  such  company  has  on  deposit  with  the  officials  of  vauous 
States,  and  all  other  assets  and  property  of  the  company  m  tl^«  United 
States,  conveyed  to  and  vested  in  trustees,  citizens  of  the  United  btatcs 
approved  by  the  Superintendent,  for  the  general  benefit  and  ^^^^l^^J 
of  the  p..licyholders  and  creditors  of  the  company  in  the  United 
States,  after  taking  from  such  aggregate  value  the  amount  of  all  he 
debts  'and  liabilities  of  the  couipany  in  the  Cnited  States,  including  a 
proper  sum  for  a  re-insurance  fund  as  provided  by  law  or  the  rules  of 

the  Insurance  Department  .-r     .    .      ,„.i,  ^«m 

The  Superintendent  shall  annually  issue  a  certificate  to  such  com- 
pany of  the  amount  of  its  so-determined  capital. 
12 


r 


■An^ 


90 


STATUTORY      REQUIREMENTS. 


ranarla  companies  may  makf,  drpot^it  in  Canada  l;onds  or  such 
otluT  sicuritios  as  inet't  tht-  aiproval  of  tlie  Sup'-rintf iident. 

Kvorv  foreign  iiisunmco  cmnpany  doing  a  life  insurance  InisineFS 
shall  mak(!  a  depo.sit  with  llie  ^superintendent  in  securities  of  the  value 
of  one  hundred  thousand  dollars. 

Annual  statements  of  every  foreign  fire  company  shall  be  filed  in 
the  month  of  January  in  each  year,  showing  the  investments  constitut- 
ing the  capital  of  the  company  in  the  United  ytaies.  and  the  condition 
and  business  of  the  company  in  the  United  States,  on  the  preceding 
31st  day  of  December.  Every  such  company  shall  duly  advertise, 
publish,  or  claim  in  any  statement  such  assets  or  business  as  it  has  and 
has  done  within  the  United  Slates.  The  certificate  of  any  company 
violating  this  provision  will  be  revoked. 

Fees. —  For  every  copy  of  any  paper  filed  in  the  Department,  the 
sum  of  ten  cents  per  folio,  and  for  affixing  the  seal  of  said  Department 
to  such  copy  and  certifying  the  same,  one  dollar. 

For  filing  charter,  $30. 

For  filing  annual  statement,  $20. 

For  each  certificate  of  authority  and  certified  copy  of  same  issued 
to  an  agent,  such  sums  not  exceeding  five  dollars  as  shall  be  fixed 
from  lime  to  time  by  the  Superintendent. 

For  examinations  of  insurance  companies,  tho  actual  expenses 
incurred. 

Reciprocal  provision. 

Taxes. —  The  agents  of  all  marine  companies  shall  pay  to  the 
Insurance  Department  on  the  first  day  of  January  in  each  year,  a  tax 
of  two  dollars  on  the  one  hundred  dollars,  and  at  that  rate  upon  all  pre- 
miums which  shall  have  been  received  in  this  State  for  the  year  ending 
on  the  preceding  31st  day  of  December.  But  the  Superintendent  of  the 
Insuiance  Departnient  shall  deduct  from  the  amount  of  such  tax  any 
other  taxes  paid  by  such  companies  in  this  State. 

The  agents  of  all  fire  companies  taking  risks  in  incorporated  cities 
or  villages  shall  annually,  on  the  first  day  of  February,  render  to  the 
treasurer  of  the  (ire  department  of  such  city  or  village  an  account, 
verified  by  oath,  of  all  premiums  received  by  him  within  any  incorpo- 
rated city  or  village  for  the  year  ending  on  the  preceding  3l8t  day  of 
December,  and  shall  pay  to  such  treasurer  a  tax  of  two  dollars  on  the 
one  hundred  .  ars,  and  at  that  rate  for  the  whole  amount  of  such 
premiums. 

Every  fire  or  marine  insurance  company,  incorporated  or  organized 
under  the  laws  of  any  foreign  country,  shall,  annually,  on  or  before 
the  first  day  of  August,  pay  to  the  Treasurer  of  the  State,  as  a  tax  on 
its  corporate  franchise  or  business  in  this  State,  a  sum  equal  to  one- 
half  of  one  per  centum  upon  the  gross  amount  of  premiums  received 
by  such  company  during  the  year  ending  the  preceding  thirtieth  day 
of  June,  on  business  done  in  this  State  by  such  company,  whether  she 
said  premi'inis  were  in  money  or  in  the  form  of  notes,  credit,  or  any 
other  substitute  for  money. 

Every  such  insurance  company  shall  annually,  on  or  before  the 
first  day  of  August,  make  a  return  to  the  Comptroller  of  the  State, 
signed  and  sworn  to  by  its  president  and  secretary  or  manager,  giving 


.Is  or  such 

36  liUsineFS 
f  the  value 

I  bo  filed  in 
,8  constitut- 
e  condhion 
»  preceding 
'  advertise, 
•  it  has  and 
ly  company 


rtment,  the 
Department 


same  issued 
ill  he  fixed 

il  expenses 


pay  to  the 
year,  a  tax 
ipon  all  pre- 
year  ending 
ndent  of  the 
ich  tax  any 

crated  cities 
ider  to  the 
an  account, 
iny  incorpo- 
.31st  day  of 
)llars  on  the 
unt  of  such 

ir  organized 
in  or  before 
as  a  tax  on 
:[ual  to  one- 
rns  received 
lairtieth  day 
wliether  '.lie 
•edit,  or  any 

before  the 
f  the  State, 
ager,  giving 


STATUTOKY      R E Q U I K E M E N T B  . 


91 


the  total  amount  of  premiums  received  by  such  company  during  the 
voar  ending  the  prece.iing  thirtieth  day  of  Juno,  on  business  done  in 
this  State  by  such  compiuiy.  whether  the  said  premiums  wore  m  money 
or  in  the  form  of  notes  credits,  or  any  other  sub.titut_e  for  money 

The  lands  and  real  estate  of  such  insurance  companies  shall  continue 
to  Ijo  assessed  and  taxed  where  situated  for  State,  city,  town,  county, 
village,  school,  or  other  local  purposes. 

Foreign  life  insurance  companies  shall  annually  pay  to  the  Super- 
intendent on  or  before  the  first  day  of  March,  a  tax  of  two  per  cent 
upon  all  premiums  received  in  this  State  for  the  year  ending  on  the 
preceding  31st  day  of  December. 

Reciprocal  provision. 

Penalties  — Any  violations  of  the  provisions  of  law  relating  to 
fire  insurance  shall  subject  the  party  violating  to  a  i)enalty  of  live 

hundred  dollars.  .     ,  ,      ,  „, 

Anv  company  failing  to  file  annual  statements  as  required  by  aw, 
and  continuing  business,  is  subject  to  a  penalty  of  live  hundred  dollars, 
and  five  hundred  dollars  for  ea<)h  month  such  business  is  transacted. 

ASSESSMENT    INSURANCE. 

Admission —Companies  must  file  with  the  Superintendent  of 
Insurance  a  statement,  on  blanks  furnished  by  the  department,  of  its 
condition  and  business;  the  necessary  documents  to  show  that  similar 
companies  organized  under  the  laws  of  New  York  may  be  authorized 
to  do  business  in  ■.;><  State  where  such  company  is  organized;  must 
designate  some  place  in  the  Sta'3  where  its  principal  agency  is  located, 
and  appoint  an  attorney  to  accept  service. 

Annual  Statements.— Statements  must  be  filed  on  or  before 
t'^e  first  day  of  March  in  each  year,  upon  blanks  fuinished  by  the 
Superintendent,  showing  the  condition  of  its  affairs  and  its  transac- 
tions for  the  preceding  year. 

Fees  —  For  filing  preliminary  papers  and  declaration,  ten  dollars. 

For  fiiing  annual  statement,  one  dollar  for  each  100  members  or 
fraction  thereof,  and  not  exceeding  twenty-five  dollars^ 

For  each  certificate  of  authority  or  certified  copy,  five  dollars. 

For  copies  of  papers,  ten  cents  per  folio,  and  one  dollar  for  official 

^^*  For  special  examinations,  actual  outlay,  not  to  exceed  fifty  dollars 
in  any  one  year. 

Reciprocal  provision. 

NEW  MEXICO. 

[Leglriatnre  raeetB  blenniftlly.    Nest  SeB?lon,  December  27, 1886.] 
Tkinidad  Alabid,    Territorial  Auditor,  Santa  Fe. 

Admission.  —  Every  insurance  company,  excepting  plate-glass 
and  accident  companies,  must  have  a  paid-up  capital  of  three  hundred 
thousand  dollars.     Accident  companies,  either  stock  or  mutual,  and 


T 


mm 


92 


STATtTTOHY      REQIIRKMENTS. 


all  roTiipanips  confininp:  tbcir  biisinops  exclusively  to  the  insuranro  of 
I)lutH-glass,  must  each  have  ono  lumdrod  ihouj^and  dollars  paid-up  cap- 
ital or  available  caali  assets.  In  each  county  in  which  a  company 
transacts  business  an  attorney  to  accept  service  must  be  appointed; 
such  attorney  must  reside  at  the  county  seat  and  may  bo  the  com- 
pany's agent.  Koreitin  companies  must  show  to  the  satisfaction  of  the 
auditor  that  they  have  deposited  in  some  State  or  territory  at  least 
one  iiundred  thousand  dollars  for  the  special  security  of  the  assured. 
No  agent  is  allowed  to  transact  business  for  any  company  whose  cap- 
ital is  impaired  to  the  extent  of  twenty  per  cent,  by  liabilities,  so 
long  as  such  impairment  continues.  A  synopsis  of  annual  statement, 
showing  assets  and  liaLilities,  must  be  published  within  sixty  days 
after  filing  same  in  one  newspaper  in  every  county  wherein  the  com- 
pany  has  an  agency;  if  there  is  no  ooimty  newspaper,  then  in  some 
newspaper  of  general  circulation  in  said  county. 

Annual  Statements.  —  Statements  must  be  filed  with  auditor 
annually  of  the  business  and  condition  of  companies  on  the  preceding 
thirty-first  day  of  December. 

^igents  and  License  Fees.  —  Upon  January  1st  of  each  year 
every  agent  in  the  territory  must  make  a  sworn  statement  of  the 
amount  of  premiums  received  in  the  territory  for  each  company  repre- 
sented by  him;  and  this  statement  he  must  forward  to  the  Auditor  by 
February  1st,  together  with  his  annual  licen  e  fee.  The  amount  of 
this  fee  is  determined  by  his  premium  receipts,  as  follows:  When  less 
than  $10;0()0  during  the  year,  $25;  when  over  $10,000  and  less  than 
$20,000,  $50;  and  for  every  $10,000  thereafter  an  additional  $50  fee 
is  required.  Every  agent  or  solicitor  must  be  a  resident  of  the  terri- 
tory. Every  company  not  organized  under  the  laws  of  the  t»^rritory 
must  have  at  least  one  authorized  agent  at  the  county  seat  of  every 
county  in  which  business  is  solicited. 

ASSESSMENT    INSURANCE. 

There  are  no  laws  in  the  territory  of  New  Mexico  regulating  the 
business  of  assessment  insurance. 


NORTH  CAROLINA. 

[Leglslntnre  meets  biennially.    Next  Sespion,  Janaary  6, 1887.] 

W.  L.  Saunders,  Secretary  of  Slate,  Raleigh. 

Admission.  —  Every  insurance  company  desiring  to  do  busi- 
ness in  the  State  must  appoint  a  general  agent,  who  shall  be  a  citizen 
and  a  resident  of  the  State,  and  file  a  certificate  of  such  appointment 
under  the  seal  of  the  applicant,  together  with  the  written  acceptance 
thereof  by  such  appointee,  with  the  Secretary  of  State,  and  copies  of 
such  certificate  of  appointment  and  of  such  acceptance  certified  by  the 
said  Secretary.     The  certificate  shall  contain  a  stipulation  agreeing 


-■■■ 


STATUTORY      KEQUTREMENTS. 


93 


insurance  of 
paiil-up  cap- 
a  company 
)  appointed; 
be  the  coni- 
iction  of  the 
tory  at  leiist 
the  assured. 
r  whose  cap- 
habilities,  so 
,1  statement, 
1  sixty  dnya 
in  tlie  com- 
lien  in  some 

vith  auditor 
le  preceding 

af  each  year 
ment  of  the 
npany  repre- 
j  Auditor  by 
3  amount  of 
.:  When  lesa 
nd  less  than 
m&\  $5i)  fee 
of  the  terri- 
the  t»^rritory 
eat  of  every 


gulating  the 


17.] 


to  do  busi- 
I  be  a  citizen 
appointment 
in  acceptance 
and  copies  of 
'tified  by  the 
ion  agreeing 


that  so  long  as  there  may  be  any  liability  on  the  part  of  th«  npnlicant 
under  any  contract  entered  into  m  pursuance  of  any  law  of  the  Mate 
c"ncerniryin.urn„ce.  ar.y  legal  p.oc.ess  aiTecting  the  'M'P  .cant  may  be 
serve.!,  in  his  absence,  up.-n  such  general  agent  or  upon  the  Secretaiy 
of  State,  and  when  so  served  shall  have  the  same  effect  as  if  served 
nersonallv  on  such  appiicnnt  in  the  State. 

^  it  must  file  in  the  office  of  the  Secretary  of  State  in  such  form 
and  in  such  detail  as  he  shall  prescribe,  a  statement  of  l  'e  bu™ 
standing  and  financial  condition  of  the  applicant  on  the  piecec  ii-g 
tlur  firstly  of  December,  signed  and  sworn  to  by  said  principal,  or 
ly  1  e  chief  nmnagmg  agr.nt,  or  officer  thereof,  before  the  Secretary  of 
State  or  before  a  commissioner  of  affidavits  for  North  Carolina,  or 
b  fore  some  notary  public.  It  shall  also  file  in  the  office  c>f  the  Secre- 
tary of  State  a  copy  of  the  charter,  articles  of  association,  or  other 
statement  showing  the  mode  in  which  the  applicant  purposes  to  do 
business,  and  pay  the  license  and  other  fees-required. 

Aaents Every   general  agent  ehall   Ble  in    the   office  of  the 

Secretary  of  State,  on  or  before  the  first  day  of  March  in  each  year, 
fn  such  ^form  and  in  such  detail  as  the  Secretary  shall  prescribe 
a  statement  showing  the  business  standing  and  financial  condition  of 
his  Scipal  on  ,h*;  preceding  thirtyfirst  day  of  December,  signed 
and  sworn  to  by  said  principal,  or  the  chief  managing  agent,  or  officer 
thereof,  before  the  Secretary  of  State,  or  before  a  commissioner 
of  affidavits  for  North  Carolina,  or  before  some  notary  public. 

Taxes  —Every  general  agent  shall,  within  the  first  thirty  daya 
of  Januarv  "and  July  of  each  year,  make  a  full  and  correct  Btatement 
under  oath,  of  the  amount  of  the  gross  receipts  derived  tiom 
insurance  business,  obtamed  from  residents  of  ^]^\^'^?^^^'f^J^^. 
preceding  six  months,  and  shall,  within  the  first  ifteen  days  of 
February  and  August  of  each  and  every  year,  pay  to  the  Secreta.y  of 
State  a  tax  of  two  per  cent,  upon  the  amount  of  «»f  .fj°;«^  Jf^^^^^ 
therein  returned  {Provided,  thac  if  any  general  agent  shall  exhibit  to 
the  Secretary  of  State  a  sworn  statement  of  investments  in  real 
property  in  the  State  by  his  principal,  or  a  like  statement  of  loans 
secTed  by  mortgage  to  citizens  of  the  State,  of  an  amount  equal 
to  one  half  o"  such\n-oss  recaipts,  the  tax  shall  be  only  one  per  cent, 
thereon). 

Feep  and  Licenses. -The  fee  for  license  is  fifty  dollars  per 
annum,  and  the  license  shall  continue  for  the  next  ensuing  twelve 
months  after  the  first  day  of  April  in  each  year:  provided,  the  Sec- 
retary of  State  may  receive  from  applicants  after  the  first  day  of 
April  so  much  of  said  license  fee  as  may  be  due  pro  rata  for  the 

remainder  of  the  year.  .  i    ,,  i-    •.  *i,„  t.„™ 

No  person  licensed  to  do  insurance  business  shall  limit  the  term 

within  which  any  suit  shall  be  brought  against  such  person  to  a  period 

less  than  one  year  from  the  time  when  the  loss  insured  against  shall 

accruie. 

Penalties.  — Any  insurance  agent    doing  business  in  the  State, 

who  shall  unlawfully  withhold  or  expend  the  funds  of  his  principal, 


T 


T 


■r 


94 


BTATl'TOHY      REQUIREMENTB. 


shall  upon  ronviction  tlicroof  be  doomed  giiilty  of  a  felony,  and 
piiiii.sliod  accoi'dingly. 

Kvcry  person  who,  either  as  principal  or  agent,  shall  solicit, 
exaniino,  or  inspect  any  ri.sk.  or  shall  examine  into,  adjust,  or  aid  in 
ndju.sting  any  loss,  or  shall  receive,  collect,  or  transmit  any  proniium  of 
insurance,  or  shall  do  any  other  act  in  the  soliciting,  making,  or  execu- 
ting any  contract  of  insurance  of  any  kind  otherwise  than  as  the  law 
permits,  shall  forfeit  and  pay  to  the  Secretary  of  State  (ifty  dollars  for 
every  such  violation,  to  he  recovered  before  any  justice  of  the  peace 
at  tiie  suit  of  said  Set^retary. 

Every  general  agent  who  shall  fail  or  refuse  to  perforin  any  duty 
required  of  him  by  this  act,  shall  forfeit  and  pay  to  the  Secretary  of 
State  fifty  dollars  for  every  such  refusal,  to  be  rooovered  before  any 
justice  of  the  peace  at  the  suit  of  said  Secretary. 

ASSESSMENT    INSUKANCE. 

The  insurance  laws  of  North  Carolina  do  not  apply  to  assessment 
companies  as  such.  All  such  corporations  must  comply  with  the  act 
as  quoted  above,  except  fraternal  and  benevolent  associations  incor- 
porated by  the  State. 


OHIO. 

[  LeglBlatiira  meets  biennially.    Nuxt  Session,  January,  1887.  ] 
Henry  J.   Heinmund,  Superintendent  of  /nsuruvce,  Columbus. 

Admission. —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission  must  hlo  with  the  Superintendent  — 

A  certified  copy  of  its  charter  or  deed  of  settlement. 

A  statement  under  the  oath  of  the  president,  vice-president,  or 
other  chief  officer  and  secretary  of  the  company,  showing  its  condition 
and  affairs. . 

A  copy  of  the  last  annual  report  of  the  company,  if  any  was  made 
under  any  law  of  the  State  by  which  such  company  was  incorporated. 

A  written  instrument,  duly  signed  and  sealed,  authorizing  any 
agent  of  the  company  in  this  State  to  acknowledge  service  of  process, 
for  and  in  behalf  of  the  company;  and  consenting  that  service  of  pro- 
cess upon  any  such  agent  shall  be  taken  and  held  to  be  as  valid  as  if 
served  upon  the  company,  and  waiving  all  claim  of  error  by  reason  of 
such  acknowledgment  or  service;  and  in  case  suit  shall  be  brought 
against  any  company  which  has  ceased  to  do  business  in  this  State, 
such  written  instrument  shall  also  provide  that  service  of  process  may 
be  made  therein,  by  the  Sheriff  sending  a  copy  of  such  process  by 
mail,  postage  prepaid,  addressed  to  the  contpany,  at  the  place  of  its 
principal  office,  in  the  State  where  it  was  organized;  or,  in  case  of  a 
foreign  company,  addressed  to  the  company  at  the  place  of  its  princi- 
pal office  in  the  United  States,  thirty  days  before  judgment  in  the  suit. 

Every  company  in  its  advertisements  shall  state  only  the  assets  ad- 
mitted by  the  Superintendent  of  Insurance,  and  shall  include  therein 


gTATUTOnV      BEQITIREMENTS. 


96 


felony,   and 

sliall  solicit, 
list,  or  aid  in 
Y  premium  of 
ing,  or  ox(i(;u- 
n  as  tlin  law 
ty  dollars  for 
of  the  [joace 

jrm  any  duty 

Secretary  of 

i  before  any 


to  assessment 

with  the  act 

iations  incor- 


JLUMBUS. 

i  business  ia 
dent  — 

president,  or 
its  condition 

ny  was  made 
incorporated . 
horizing  any 
ce  of  process, 
srvice  of  pro- 
as valid  as  if 

by  reason  of 
11  be  brought   * 
in  this  State, 

process  may 
h  process  by 
1  place  of  its 
,  in  case  of  a 

of  its  princi- 
tit  in  tlie  suit, 
he  assets  ad- 
dude  therein 


all  its  liabilities,  including  its  re-insurance  reserve  computed  according 

If  nnv  company  make  an  application  to  remove  any  suit  or  action 
commcn.'od  in  a  State  Court  to  any  United  States  Court,  the  Superin- 
tendent shall  foithwith  revoke  its  license  to  transact  business  in  this 
State,  and  no  renewal  thereof  shall  be  granted  for  three  years. 

Certificates  and  Agents,— Every  company,  before  transacting 
business  m  this  State,  must  procure  from  the  Superintendent  a  coitifa- 
cate  of  authority.  Such  certificate  of  authority,  containing  a  state- 
ment  under  the  oath  of  the  president  or  secretary  of  such  company, 
allowing  the  actual  amount  of  the  paid-up  capital,  the  aggregate 
am»uiit  of  assets  and  liabilities,  together  with  the  aggregate  inct)me 
and  expenditun  s  of  the  company  for  the  year  preceding  the  date  of 
such  certificate,  shall  be  publishe<l  Jit  least  once  in  every  year  in  some 
newspaper  in  general  circulation  in  every  county  where  such  company 
has  an  agent.  "  A  copy  of  such  certificate  shall  be  tiled  in  the  office  of 
the  recorder  of  each  county  in  which  such  company  has  an  agent. 

Every  agent,  before  tiaiisacting  business,  shall  procure  from  the 
Superintendent  a  license  for  each  company  he  represents,  and  shall 
deposit  a  certified  copy  of  such  license  in  the  office  of  the  recorder  of 
the  county  in  which  the  office  of  such  agent  is  established.  .  ,.  .     , 

All  certificates  shall  be  renewed  annually,  and  shall  be  published 
or  filed  as  aforesaid.  ^ 

Examinations  and  Impairments.— Whenever  the  Superin- 
tendent  shall  have  good  reason  to  suspect  the  correctness  of  any  an- 
nual statement,  or  that  the  affairs  of  any  company  are  in  an  unsound 
conditi-  n,  it  is  his  duty  to  make  or  cause  to  be  made  an  examination 
into  the  affairs  of  such  company.  If  he  deems  it  for  the  best  interest 
of  the  public,  he  .shall  publish  the  result  of  such  examination  in  a 
newspaper  of  general  circulation  published  at  Columbus. 

Waenever  the  affairs  of  any  company  are  found  to  be  m  an  un- 
sound condition,  the  Superintendent  shall  revoke  the  certificates  granted 
to  such  company  to  do  business  in  this  State,  and  shall  pubhsh  a  notice 
of  such  revocati(jn  in  a  newspaper  published  at  Columbus  and  in  the 
county  where  the  general  agency  of  the  company  is  located. 

A  fire  and  marine  company  cannot  t.-ansact  business  in  this  State 
if  after  the  company  is  charged  with  its  proper  liabilities  and  a  re- 
insurance  fund  as  required  by  law.  the  capital  stock  is  impaired  to  the 
extent  of  twenty  per  cent,  thereof,  while  such  impairment  continues. 
A  life  company  cannot  transact  business  in  this  State  if  its  assets 
•  are  not  equal  to  its  outstanding  liabilities,  including  its  premium  re- 
serve ascertained  as  required  by  law. 

Fire  and  Marine. —  Every  company  must  possess  a  paid-up  capi- 
tal of  one  hundred  thousand  dollars. 

The  re-insurance  fund  is  computed  at  fifty  per  cent,  of  the  whole 
amount  of  premiums  received  on  unexpired  risks  and  policies. 

Annual  statements  of  fiie  insurance  companies  shall  be  filed  on  the 
first  day  of  January  in  each  year,  or  within  thirty  days  thereafter, 
showing  the  condition  and  business  of  the  company  on  the  preceding 
3l8t  day  of  December. 


96 


BTATUTOHY     RRQDIREMENTB. 


Annual  Rtafomonts  of  marine  companies  of  like  character  shall  Ije 
filed  on  the  first  day  of  January,  or  withui  sixty  days  theroafter. 

Life. —  Every  stock  company  must  pos^sons  an  actual  paid-up  crtipital 
of  one  Iumdrcd  tliou8and  doilarH.  Kvory  mutuiii  company  must  pos- 
sess actual  cash  assets  to  the  amount  of  one  Imndrod  thousand  dollars. 

Every  such  company  shall  deposit  with  the  Su|)erinttndent  of  tliis 
State,  or  the  proper  otlicor  of  the  State  when!  it  is  orj^anized,  for  the 
benefit  of  ail  its  policy-holders,  stocks  and  bonds  of  some  one  of  the 
States  or  of  the  United  States,  of  the  market  value  of  one  hundred 
thousand  dollars  in  the  city  of  New  York,  or  loans  on  bonds  secured 
by  moTtffa^o  of  uninctumlxired  real  estate  situated  in  thi*  State  or  the 
State  where  the  company  is  organized,  of  like  amount. 

If  such  deposit  be  made  in  some  other  State,  the  Superintendent 
shall  be  furnished  with  a  certificatdT  under  the  hand  and  oilicial  seal  of 
the  officer  holding  such  deposit,  showing  that  ho  holds  such  securities 
in  trust  and  on  deposit  for  the  benefit  of  all  the  policy-holders  of  such 
company,  giving  the  items  of  such  securities  and  stating  that  he  is 
satisfied  they  iio  worth  at  least  one  liundred  thousand  dollars. 

Annua!  statement  must  be  filed  on  the  first  day  of  .January  in  each 
year,  or  within  sixty  days  thereafter,  showing  the  affairs  and  condition 
of  the  company  on  the  preceding  .'31st  day  of  December. 

The  [iremiuin  reserve  shall  be  computed  on  the  basis  of  the  Ameri. 
can  Experience  Table  of  Mortality,  with  interest  at  four  per  cent. 
The  Superintendent  shall  annually  value  the  policies  outstanding  in  all 
companies  doing  business  in  this  State  which  do  not  furnish  him  a  cer- 
tificate from  an  officer  of  some  other  State  authorized  by  law  to  make 
valuations,  showing  a  valuation  of  such  policies  upon  the  standard 
estabhshed  by  the  law  of  this  State,  or  upon  any  other  standard  of 
valuation  which  shall  make  the  value  of  such  policies  not  less  than 
that  by  the  standard  of  valuation  adopted  by  this  State. 

Foreign.  —  Every  company  must  make  a  deposit  with  the  Super- 
intendent of  one  hundred  thousand  dollars  in  the  stocks  of  the  State 
of  Ohio,  or  of  the  United  States,  for  the  benefit,  in  case  of  fire  com- 
panies, of  poHcy-holders  in  this  State,  and  in  case  of  life  companies, 
of  the  policy-holders  in  the  United  States. 

The  capital  of  a  foreign  fire  company  shall  be  the  aggregate  value 
of  its  deposits  with  the  several  States,  and  the  amount  of  its  invest- 
ments held  by  trustees,  citizens  of  the  United  States  approved  by  the 
Insurance  Commissioner,  for  the  benefit  of  policy-holders  in  the  United 
States. 

In  addition  to  the  annual  statement,  every  such  company  shell 
annually  file  at  the  same  time  a  supplementary  statement  showing  its 
investments,  condition,  and  affairs  in  the  United  States  on  the  preced- 
ing .31st  day  of  December. 

Such  supplementary  statement  must  be  verified  in  case  of  fire  com- 
panies  by  the  oath  of  the  manager  residing  in  the  United  States,  and 
in  case  of  Rfe  companies  by  the  oath  of  general  agent  or  attorney  in 
this  State. 

Deposits.  —  (See  life  and  foreign.) 


MM! 


r 


L 


■  TATUTOKY     REQUIREMENTS. 


•7 


actcr  shall  be 
iroafttT. 

)iii(l-ii[)cii|)ital 
,iiy  III  list  |)()3- 
iHand  ilollars. 
mlnnt  of  this 
riized,  for  tlio 
,0  OIIG  of  tlio 
one  liurulrod 
jonds  secured 
I  State  or  the 

iperintendont 
)ilicial  seal  of 
ich  securities 
ilders  of  such 
ig  that  he  is 
jllars. 

nuary  in  each 
and  condition 

Df  the  Ameri. 
)ur  per  cent, 
tanding  in  all 
ish  him  a  cor- 
'  law  to  make 
the  standard 
'  standard  of 
not  less  than 


th  the  Super- 

of  the  State 

e  of  fire  com- 

fe  companies, 

gregate  value 
of  its  invest- 
)roved  by  the 
in  the  United 

ampany  shell 
■j  showing  its 
n  the  preced- 

18  of  fire  com- 
d  States,  and 
•r  attorney  in 


Fees  —  For  filing  charter  of  any  conipiny.  twenty-five  dollars. 
For  lliing  the  preliminary  statement,  twenty  dollars,  and  the  same 
fee  for  filing  eu'ih  annual  statement.  , 

For  each  certificate  of   authority,  or   license   and   certified    copy 

thereof,  two  dollars.  .   .      ,         „         ,  »u     a..^,.i„ 

For  any  copy  of  every  paper  filed  in  the  office  of  the  Suponn- 
tendent,  twenty  cents  per  folio;  and  for  affixing  the  seal  of  <,flice 
and  certifying  the  same,  one  dollar.  ,       ,     i        i 

Any  company  may  pay  to  the  Superintendent  two  hundred  and 
fifty  dollars  for  licenses  to  its  agents,  and  may  appoint  as  many  agents 
as  it  chooses  without  further  charge. 

For  valuation  of  life  policies,  one  cent  for  each  thousand  dollars  ot 
insurance  valued.  .   „„,  „ 

For   making  examinations    of    companies,   the    actual  expenses 

incurre<l. 

Reciprocal  provision. 

Taxes  —Every  agency  of  an  insurance  company  incorporated  by 
the  authority  of  any  other  State  or  Government,  shall  rc'turn  to  the 
auditor  of  the  county  in  which  the  office  or  agency  of  such  company 
may  he  kept,  in  the  month  of  May.  annually,  the  amount  of  the  gross 
receipts  of  such  agency,  which  shall  be  entered  upon  the  tax-list  of  the 
proper  county,  and  subject  to  tho  same  rate  of  taxation  for  all 
purposes  that  other  personal  proper  ,y  is  subject  to  at  the  place  where 
located. 

Penalties  —  Every  person  t  iolating  the  provisions  of  law  ren- 
ting to  insurance  shall  be  liable  to  a  fine  not  exceeding  one  thousand 

dollars.  .  ... 

Every  agent  who  shall  act  in  this  State  for  any  company  that  neg- 
lects or  refuses  to  make  an  annual  statement  as  required  by  law  shall 
be  subject  to  a  fine  of  five  hundred  dollars,  and  five  hundred  dollars 
for  each  month  he  continues  to  do  business  for  such  company. 

Every  violation  of  the  act  relating  to  the  advertisement  of  insur- 
ance con.panies  after  the  second  notice  from  the  Superintendent  of 
such  violation,  shall  subject  the  company  violating  to  a  fine  of  one 
thousand  dollars. 

ASSESSMENT    INSURANCE. 

Admission. —  Assessment  companies  of  other  States  must 
appoint  an  agent  or  attorney  upon  whom  process  may  be  served ;  must 
satisfy  the  Superintendent  that  like  com[)anies  may  be  admitted  to  the 
State  when  it  is  organized  under  like  conditions. 

The  conditions  of  admission  are  tlie  same  as  those  applicable  to 
Ohio  companies.  The  maximum  payment  to  beneficiaries  must  be 
$7  000-  no  assessment  may  be  made  to  exceed  one-fifth  of  one  per 
cent  of  the  amount  named  in  the  certificate  ;  every  appUcant  must  be 
submitted  to  medical  examination,  and  found  to  be  a  good  risk;  must 
be  under  sixty-five  years  of  age;  the  expenses  of  the  association  must 
be  met  by  fixed  annual  payments,  or  by  assessments  made  expressly 
for  expenses;  agents  and  treasurer  must  give  bonds  for  the  f,aitliful 
accounting  for,  and  proper  disbursement  of  all  moneys  that  come  into 
their  hands. 
13 


08 


■  TATHTORT     R B q U I R E M K NT!  . 


Feen.  — Tho  feos  are  tlui  Hfttno  as  thoso  chargnd  regular  iiiHiirnncn 
coiii[iaiii(>H. 

Tlio  act  does  not  apply  to  fratornal  and  Insnovolent  societieH. 


OREGON. 

[L«i;<>l«tnrr  mppt*  hlciiiiliilly.    Ni'xt  H««*lon,  Jin.  10,  t8H7  ] 
U.  F.  E.  KHAKT,  Secretary  of  State,  Salkm. 

AdmisBlon. —  Every  company  desiring  to  transact  business  in 
this  State  niust,  before  engaging  in  buBinesH,  duly  execute  and 
aoJcnowledge  a  power  <jf  attorney  appointing  some  person,  a  citizen  of 
tile  United  Stales  and  a  citizen  and  ri'siiient  of  this  State,  an  attorney 
for  sudi  company,  with  authority  and  power  to  accept  service  of  all 
writs  and  process  necessary  to  give  complete  jurisdiction  of  such  com- 
pany to  the  courts  of  this  State,  and  providing  that  lawful  and  valid 
service  may  bo  made  upon  such  attorney  in  any  action  by  or  against 
such  company  in  any  courts  of  this  State.  Such  power  of  attorney 
shall  be  recorded  in  tho  county  clerk's  office  of  each  countv  where 
such  company  has  a  resident  agent,  and  so  long  as  such  company  shall 
have  places  of  business  in  this  State,  shall  be  irrevocable,  except  by 
the  substitution  of  another  qualified  person  for  the  one  mentioned 
therein  as  attorney  for  such  company. 

i^  gents. —  Life  insurance  agents  or  solicitors  are  required  to  pro- 
cure from  the  Secretary  of  State  a  license. 

Fire  and  Marine. —  Every  fire  or  marine  company,  before  engag- 
ing in  business  in  this  State,  shall  deposit  with  the  State  Treasurer, 
for  the  benefit  and  security  of  persons  transacting  business  with  such 
company  in  this  State,  the  sum  of  fifty  thousand  dollars  in  the  interest- 
bearing  bonds  of  the  United  States,  or  in  the  bonds  of  this  State. 

Every  such  company  shall  ])rocure  from  the  Secretary  of  State, 
and  affix  to  every  policy  issued  by  it  in  this  State,  stamps  as  follows: 

Every  policy  on  which  the  premium  is  less  than  ten  dollars,  a  stamp 
of  the  value  of  ten  cents;  over  ten  dollars  and  less  than  twenty  dol- 
lars, a  stamp  of  the  value  of  twenty  cents;  over  twenty  dollars  ^jid 
less  than  fifty  dollars,  a  stamp  of  the  value  of  fifty  cents;  over  fifty 
dollars  and  less  than  one  hundred  dollars,  a  stamp  of  the  value  of  one 
dollar.  An  additional  one  per  cent,  on  all  sums  over  one  hundred 
dollars.  These  stamps  must  be  canceled  at  the  time  of  delivering  the 
policy. 

Life. —  All  companies  having  agents  or  solicitors  within  this  State 
shall  annually  pay  to  the  Treasurer  of  this  State  one  hundred  dollars 
in  gold  coin  of  the  United  States. 

Fees. —  To  Secretary  of  State: 

For  recording  each  certificate  of  deposit  and  issuing  such  certificate 
to  depositors,  twenty-five  dollars. 

For  issuing  license  to  life  insurance  agents  or  solicitors  annually, 
ten  dollars. 

To  the  Treasurer: 


r 


V 


liar  iimiirance 
icietitm. 


t  businPSB  in 
execute  and 
11,  a  citizen  of 
0,  an  altornoy 
service  of  all 
of  such  com- 
ful  and  valid 
by  or  apainfct 
ir  of  attorney 
countv  where 
;onipany  shall 
)le,  except  l;)y 
ae  mentioned 

[uired  to  pro- 

before  en  gag- 
te  Treasurer, 
L'ss  with  such 
1  the  interest- 
lis  State, 
tary  of  State, 
i  as  follows: 
illars,  a  stamp 
1  twenty  dol- 
f  dollars  .aid 
ts;  over  fifty 
value  of  one 
one  hundred 
elivering  the 

tin  this  State 
idred  dollars 


icb  certificate 
ors  annually, 


r 


I 


■  TATUTOBT     H E Q I  I B K M KNTS  . 


»» 


For  receivinir  and  ttling  a  certidcato  of  (le|)omt,  ten  dollar*. 

For  keeping  denoHitH  and  returning  to  d.-pomtms  cup-ns.  one- 
eiglith  of  one  p«^r  cent,  per  annum  on  all  <i.M.oHitH  nia.U-  with  liiiii. 

Taxes.— All  deiiosits  made  in  thi».  State  shall  be  subject  to  taxa- 
tion to  the  same  extent  ae  other  property  in  this  State. 

Penalties  —  Kvery  person  acting  or  professing  to  act  as  agent 
for  any  company  before  such  cotnpui.y  shall  comply  with  the  provm- 
ions  of  law,  shall  be  guilty  of  a  inisdomennor,  and  subject  to  a  in|-  not 
exceeding  one  thousand  dollars,  or  imprisonment  in  a  county  jail  not 
exceeding  one  year,  or  such  fine  and  imprisonment  both. 

A8SE8BMKNT    IN8UKANCK. 

(Oregon  has  no  special  laws  for  the  admission  and  regulation  of 
assessment  companies. 

PENNSYLVANIA. 

[LegWaiiiro  meetn  bl.nnlally;  next  8e»«loii,  J»no»ry4, 1887.] 
J.  M.  FoBSTKH,  Insurance   Commixsioner,  Hakhisbubo. 
Admission.  — Kvery  companv  desiring  to  transact  business  in 
this  State  before  admission,  must   file  with   the  i.     .vance  Commis- 
sioner  — 

A  certified  copy  of  its  charter.  ,       .  .,  •j„„f 

A  statement,  verified  by  the  signature  and  oaths  of  the  president 
or  vice-president  and  secretary  or  actuary  of  the  company,  showing  ita 
affairs  and  condition.  ,  ,       ,  .^ 

A  written  stipulation,  duly  authenticated  by  the  company,  agreeing 
that  any  legal  process  affecting  the  company  served  on  the  Insurance 
Commissioner  or  the  party  designated  by  him,  or  the  agent  specified 
bv  said  co.npany  to  receive  service  of  process  for  such  company,  snail 
have  the  same  effect  as  if  served  personally  on  the  company  withm 
this  State  ;  and  if  such  company  should  cease  to  maintain  an  agent  in 
this  State  so  designated,  such  process  may  be  thereafter  served  on  the 
Insurance  Commissioner.  So  long  as  any  liability  of  such  company  to 
an,  resident  of  this  State  continues,  such  stipulation  cannot  be  revoked 
or  modified,  except  that  a  now  one  may  be  substituted,  HP  as  to  require 
or  dispense  with  service  at  the  office  of  the  company  in  this  btate. 

Certiflcatesand  Agents.  — Every  company  before  transacting 
business  in  the  Slate  must  procure  from  the  Commissioner  a,  certificate 
of  authority  showing  that  such  company  is  authorized  to  do  busine.*^ 

in  this  State.  ■.»*!,     /-i„^ 

Every  such  company  shall  from  time  to  time  certify  to  the  Com- 
ssioner  the  names  of  the  agents  appointed  by  it  to  solicit  risks  m 

.  is  State.  '       ,      .  J.  1    „„^ 

Every  such  agent,  before  transacting  business  for  any  such  com- 
panv shall  procure  from  the  Commissioner  a  certificate  of  authority 
showing  that  the  company  has  complied  with  the  reqirements  of  law 
and  that  he  is  duly  appointed  its  agent. 
■      All  certificates  must  be  renewed  annually. 


f 


100 


8TATUT0RY   BKQCIRK  MENTS. 


iir 


Fxaminations  and  Impairments. — Tho  Conmiissioner,  for 
probable  cause,  may  visit  and  examine  any  corapf  ny  doing  business  in 
this  State,  provided  such  company  is  not  located  a  a  State  where  the 
substantial  provisions  of  the  act  of  this  State  entitled  "An  Act  to 
establish  an  Insurance  Department"  are  enacted.  Whenever  he  shall 
deem  it  for  the  interest  of  the  public,  ho  shall  publish  the  result  of  such 
examination  in  one  or  more  publication,  in  this  State.  He  shall  revoke 
or  modify  any  certificate  of  authority  granted  to  or  in  behalf  of  any 
buch  company,  whenever  its  assets  are  insufficient  to  justify  its  contin- 
uance in  business.  i3r  when  any  conditions  prescribed  by  law  for  grant- 
ing it  no  longer  exist. 

If  the  capital  stock  of  any  fire  or  marine  company,  after  the  com- 
pany is  charged  with  all  debts  and  claims  against  it  and  the  sum  re- 
quired by  law  for  a  re-insurance  fund,  is  impaired  to  the  extent  of 
twenty  per  centum,  the  Com miseioner  shall  give  notice  to  the  company 
to  make  good  its  whole  capital  stock  within  sixty  days  ;  and  if  this  is 
not  done  he  shall  require  the  company  to  cease  to  do  business  iu  this 
State. 

if  any  life  insurance  company  has  not  on  hand  the  net  value  of  all 
its  policies  in  force,  ascertained  as  required  by  law,  after  providing  for 
all  debts  and  clr.iins  against  it,  exclusive  of  capital  stock,  the  Commis- 
mipsioner  shall  publish  the  fact  that  the  then  existing  condition  of  t be 
affairs  of  such  company  is  below  the  standard  of  legal  safety  estab- 
lished by  the  laws  of  this  State,  and  shall  require  the  company  at  once 
to  cease  doing  new  business. 

Fire  and  Marine. —  Every  company  must  have  a  capital  stock 
paid  in  not  less  than  two  hundred  thousand  dollars,  or  having  a  capi- 
tal stock  less  than  that  sum  and  more  than  one  hundreo  thousand 
dollars,  must  have  a  surplus  overall  liabilitit^  sufficient  to  ar'iount  with 
its  capital  stock  to  said  sum  of  two  hundred  thousand  dollars.  This 
provision  shall  not  apply  to  companies  authorized  to  do  business  in 
this  State  at  the  time  of  the  passage  of  the  act,  until  the  first  day  of 
May,  A.D.  1881. 

Annual  statements  must  be  filed  on  the  Irst  Jay  of  January  in 
each  year,  or  within  sixty  days  thereafter,  showing  the  condition  and 
bu.«iness  of  the  company  on  the  preceding  thirty-first  day  of  December, 

The  i'e-insurance  fund  is  computed  at  fifty  per  centum  of  all  pre- 
miums received  on  unexpired  fire  risks  having  less  than,  one  year  to 
run,  and  pro  rata  of  aU  prnuums  received  on  unexpired  Gre  risks  that 
have  more  than  one  year  to  run;  the  entire  premium  received  on 
unexpired  marine  and  inland  navig.ition  risks.  Every  pohcy  which 
contains  a  refeicnce  to  the  application  of  the  insured,  or  tho  constitu- 
tion, by-iaws.  or  other  rules  of  the  company,  either  as  part  of  ihe 
policy  or  having  any  bearing  thereon,  must  have  attached  thereto 
correct  copies  of  the  applitation  or  of  such  constitutio-  'ly-laws,  or 
rules,  and  unless  so  attached  such  application,  constitut-  by-laws,  or 
rules  shall  not  be   considered  a  part  of  the   policy  received   in 

evidence. 

Life. —  Annual  statements  must  be  filed  on  the  first  dcr  of  Janu. 
ary  in  each  year,  or  within  sixty  days  thereafter,  showing  tii^.  condi. 


nJiH,iiiiiiii'iiB*<irtM<ii  tmijmm^: 


p>i„  mmm'wmmimMtm 


BTATUTORY     K E Q C  1 R E M E N T 9  . 


101 


nissioner,  for 
ig  business  in 
te  where  the 
"An  Act  to 
lever  be  shall 
result  of  such 
e  shall  revoke 
aehalf  of  any 
ify  its  contin- 
iaw  for  grant- 

fter  the  com- 
i  the  sum  re- 
;he  extent  of 
I  the  company 
and  if  this  is 
isiness  iu  this 

>t  value  of  all 
providing  for 

the  Commis- 
idition  of  t'le 

safety  estab- 
ipany  at  once 

capital  stjck 
liaving  a  capi- 
reo  thousand 
)  ar'iount  with 
dollars.  This 
c  businesis  in 
e  first  day  of 

>f  January  in 
condition  and 
of  December, 
m  of  all  pre- 
\  one  year  to 

fire  risks  that 
1  received  on 

policy  which. 
•  the  constitu- 
E  part  of  ihe 
ached  thereto 
1-    'ly-laws,  or 

■  by-laws,  or 
received   in 


ng  tiiK.  condi. 


tion  and  business  of  the  company  on  the  preceding  thirty-first  day  of 

^''valuations  are  ^nade  upon  the  basis  of  the  American  Experience 
Table  of  Mortality,  with  interest  at  four  and  one-half  per  centum  per 
annum,  except  in  cases  of  companies  possessing  a  cash  capita  ot  hve 
hundred  thousand  dollars  fully  paid  in  and  safely  invested.  Ihe 
premium  reserve  of  any  such  company,  upon  non-participating  policies 
may  be  computed  on  the  basis  of  the  American  Lxpenence  Table  of 
Mortality,  with  interest  at  not  less  than  foar  and  one-hali  nor  more 
than  six  per  centum  per  annum  in  the  discretion  of  the  Commissioner, 
and  with  reference  to  rates  of  premium  charged  by  such  company. 

The  Commissioner  is  required  to  annually- calculate  the  premium 
reserve  of  every  company  which  does  not  furnish,  on  or  before  the 
first  day  of  March  in  each  year,  a  certificate  from  the  Insurance  Com- 
missioner of  the  State  under  whose  authority  the  company  is  organ- 
ized,  showing  the  value  of  all  the  poUcies  in  force  in  the  company  on 
the  preceding  thirty-first  day   of  December,  calculated  on  the  basis 
required  by  the  laws  of  this  State,  and  stating  that  after  al  the  debts 
of  the  company  and  claims  against  it  were  provided  for,  it  had  in  sate 
securities  an  amount  equal  to  the  net  value  of  all  its  policies  in  force, 
and  that  the  company  was  entitled  to  do  business  in  its  own  btate. 
Every  company  that  fails  to  promptly  furnish  such  certificate  shall 
make  full  detailed  lists  of  its  policies  and  securities  to  the  Commis- 
sioner, and  pay  all  charges  and  expenses  consequent   on  not  having 
furnished  such  certificate.     Every  pohcy  which  con  tarns  a  reference  to 
the  application  of  the  insured,  or  the  constitution,  by-laws,  or  othor 
rules  of  the  company,  either  as  part  of  the  policy,  or  as  having  any 
bearing  thereon,    must   have  attached  thereto  correct  copies    ot  the 
application,  or  of  such  constitution,   by-laws,  or  rules,  and  unless  so 
attached  the  same  shall  not  be  considered  a  pari;  of  the  policy,  or 
received  in  evidence. 

Foreign  —Annual  statements  other  than  thor^  relating  to  business 
in  the  United  States  must  he  filed  on  or  before  the  first  day  of  July  in . 
each  year,  showing  the  condition  and  business  of  the  company  on  the 
preceding  thirty-first  day  of  December. 

Pees  —  For  filing  certified  copy  of  charter,  twenty-five  dollars. 
For  filing  annual  statement,  or  certificate  in  lieu  thereof,  twenty 

For  each  certificate  of  authority  and  certified  cony  thereof,  two 

dollars,  ,  ,  x       ^  * 

For  every  copy  of  any  paper  filed  in  the  department,  twenty  cents 
per  folio;  and  for  affixing  the  ofRoial  seal  to  such  copy  and  certifying 

the  same,  one  dollar.  ■,■      ^u 

For  valuation  of  life  insurance  pohcies,  not  exceeding  three  cents 

for  each  one  thousand  dollars  of  insurance  valued. 

For   official  examinations  of  companies,  the  actual  expenses  m- 

curbed. 

If  the  necessary  expenditures  of  the  Department  exceed  the  amount 
of  fees  collected,  such  excess  shall  be  annually  assessed  by  the  Com- 
missioner in  just  proportion  upon  all  insurance  companies  doing  busi- 
ness in  this  State. 

Reciprocal  provision. 


102 


STATUTORY     REQUIHKMENTS. 


Taxes.— Every  company  authorized  to  transact  business  in  this 
State  shall  annually,  in  the  month  of  Jar'iary,  report  to  the  Commis- 
sioner, under  the  oath  of  its  president  or  secretary,  the  entire  amount 
of  premiu:ns  received  by  such  company  in  tliis  State  during  the  year 
ending  on  the  preceding  thirty  first  day  of  December,  and  pay  into  the 
State  Treasur_y  a  tax  of  three  per  centum  on  suob  premiums. 

Penalties.—  Any  company  neglecting  to  make  or  transmit  any 
statement  required  sh.  '  forfeit  one  hundred  dollars  for  each  day's 
neglect. 

Any  person  transacting  business  for  any  company  witliout  procur- 
ing a  certificate  of  authority,  and  every  company  doing  business  with- 
out complying  with  the  requirements  of  law,  shall  forfeit  and  pay  tho 
sum  of  five  hundred  dollars  for  each  month  and  fraction  thereof  in 
which  such  illegal  business  is  transacted. 

ASSESSMENT    INSURANCE. 

Admission. —  Assessment  companies  of  other  States  must  deposit 
with  the  Insurance  Commissioner  a  certified  copy  of  its  charter  or 
articles  of  incorporation,  a  copy  of  its  statement  of  business  for  the 
preceding  year,  sworn  to  by  the  president  and  secretary,  or  like 
officers,  showing  a  detailed  account  of  the  expenditures  and  income, 
the  amount  of  insurance  in  force,  its  assets  and  liabilities  in  detail,  and 
a  certificate  sworn  to  by  the  president  and  secretary  or  like  officers, 
setting  forth  that  it  hns  paid  and  has  the  ability  to  pay  its  pohcies  or 
certificates  to  the  full  limit  named  therein,  a  certificate  from  the  Insur- 
ance Commissioner  or  from  a  judge  or  clerk  of  a  court  of  record  of  its 
home  State,  certifying  that  corporations  or  associations  insuring  lives 
on  the  assessment  plan,  and  paying  policies  in  full,  or  providing  acci- 
dent indemnity,  and  chartered  under  the  laws  of  i'ennsylvania,  are 
legally  entitled  to  do  business  in  its  home  State,  a  copy  of  its  policy  or 
certificate  of  membership,  applications  and  by-laws,  wiiich  must  show 
that  death  losses  are,  in  the  main,  provided  for  by  assessment  upon 
surviving  members,  and  it  shall  legally  designate  a  person  or  agent 
residing  in  this  State  to  receive  service  of  process  for  said  company,  or 
in  default  of  such  designation,  service  of  process  may  be  made  upon 
the  Insurance  Commissioner  of  this  State,  who  shall  be  deemed  its 
attorney  for  that  purpose. 

Annual  Statements. —  Annual  statements  must  be  made  to  the 
Insurance  Commissioner,  under  oath,  before  the  first  day  of  March,  of 
each  year,  a  statement  such  as  is  required  from  Hke  companies  organ- 
ized within  this  State,  and  answer  such  interrogatories  as  the  Insur- 
ance Commissioner,  who  shall  furnish  a  blank  for  the  purpose,  may 
make,  in  order  to  ascertain  its  financial  character  and  condition.  In 
the  event  of  its  failure  to  make  such  statement,  on  or  before  the  first 
day  of  March  of  each  year,  the  commiasioner  shall  revoke  its  license, 
and  thereafter,  until  such  statement  is  made,  it  shall  be  deemed  to  be 
doing  business  unlawfully  in  this  State. 

Fees. —  For  filing  each  annual  statement,  twenty  dollai-s. 
For  license  to  do  business,  twenty-five  dollars  annually. 


W: 


r 


STATUTOBT  REQUIREMENTS. 


103 


iiness  in  this 
the  Conimis- 
ntire  amount 
•ing  the  y«ar 
pay  into  the 

IDS. 

transmit  any 
r  each  day's 

hout  prociir- 
usiness  with- 
and  pay  the 
n  thereof  in 


must  deposit 
s  charter  or 
ness  for  the 
ary,  or  like 
and  income, 
n  detail,  and 
like  officers, 
is  policies  or 
m  the  Inaur- 
record  of  its 
nsurinp  lives 
oviding  acci- 
sylvania,  are 
its  policy  or 
1  must  show 
isment  upon 
on  or  agent 
company,  or 
made  upon 
deemed  its 


made  to  the 
of  March,  of 
lanies  organ- 
s  the  Insur- 
urpose,  may 
ndition.  In 
ore  the  firsfc 
B  its  license, 
eemed  to  be 

ii-s. 


Penalties— Any  officer,  agent,  or  employ^  doing  business  for  a 
company  which  lias  not  com'jilied  with  the  law  is  deemed  guilty  of  a 
misdemeanor,  and  shall  be  subject  on  conviction  to  a  fine  of  not  more 
than  five  hundred  dollars  and    imprisonment  not  more  than  mnety 

days. 

Fraternal  societies  are  not  subject  to  this  law. 


RHODE   ISLAND. 

rLeBl'lotn"  ""*«'»  annn'"?-    Next  Sefslon,  May,  1887] 
Samoel  H.  Cross,   Insurance   Commissioner,   Providence. 

Admipsion. Every  company  desiring  to  transact  business  in 

this  State  before"  admission  must  file  with  the  Commissioner  : 
A  certified  copy  of  its  charter. 

A  statement  signed  and  sworn  to  by  the  President  and  Secretary 
of  the  company,  showing  the  condition  and  affairs  of  the  company. 

Every  company  shall  appoint  the  Insurance  Commissioner  of  this 
State  its'attorney,  with  authority  to  accept  service  of  process  against 
such  company  in  this  State,  and  upon  whom  all  lawful  process  against 
such  company  in  this  State  may  be  served.  A  copy  of  such  power  of 
attorney,  duly  certified  and  authenticated,  shall  be  filed  with  the  Com- 
missioner. 

Certificates  and  Agents.  — Every  agent,  before  transacting 
business  for  any  company  shall  give  bond  to  the  general  treasurer, 
with  two  or  more  sureties  to  be  approved  by  him,  in  the  sum  of  two 
hundred  dollars  at  least,  conditioned  to  make  the  annual  returns  and 
pay  the  taxes  prescribed  by  law.  .       .•     a 

No  such  agent  doing  business  in  any  town  in  this  State  shall 
establish  a  branch  agency  in  any  other  town. 

Every  person  who  acts  or  aids  in  any  manner  in  negotiating  con- 
tracts of  insurance  or  re-insurance,  or  placing  risks,  or  effecting 
insurance  or  re-insurance  for  any  person  other  than  himself,  and 
receiving  compensation  therefor  in  any  insurance  company  not  incor- 
porated under  the  authority  of  this  State,  and  who  is  accountable  to 
any  agent  in  this  State  of  such  insurance  company  for  premiums 
received,  shall  be  known  and  designated  as  a  sub  agent.  No  person 
shall  act  as  a  sub-agent  of  any  life  insurance  company  not  incorporated 
under  the  authority  of  this  State,  until  he  has  procured  from  the  In- 
surance Commissioner  a  certificate  of  anthority  so  to  act,  for  which  he 
shall  pay  two  dollars  to  and  for  the  use  of  the  State.  Such  certificate 
shall  continue  in  force  until  the  first  day  of  January  next  after  the 
date  thereof,  and  shall  authorize  the  person  named  therein  to  negotiate 
contracts  of  insurance  or  re-insurance  for  the  agent  of  any  one  life  insur- 
ance company  not  incorporated  under  the  authority  of  this  State,  duly 
authorized  to  do  business  therein:  orovided,  such  agent  has,  according 
to  law,  given  bond  to  make  returns  and  pay  taxes,  and  has  complied 
with  all  the  other  requirements  of  law. 

Examinations.  —  The  Commissioner  may,  when  he  shall  deem  it 
important  for  the  safety  of  the  policy-holders,  visit  and  examine  the 
condition  of  any  company  doing  business  in  this  State. 


'iiomi 


T 


^T""" 


104 


BTATOTORY     REQUIREMENTS. 


ill 


Fire  and  Marine.  —  Every  company  shall  possess  a  cap?lal  of 
one  hundred  thousand  dollars. 

Every  fire  company  shall  file  its  annual  statement  on  the  first  day 
of  January  in  each  year,  or  within  thirty  days  thereatter,  showing  its 
business  and  its  exact  condition  on  the  preceding  3 1st  day  of  December. 

Every  marine  company  shall  file  its  annual  statement  on  the  first 
day  of  January  of  each  year,  or  within  thirty  days  thereafter,  showing 
its  business  and  condition  on  the  preceding  3 1st  day  of  December. 
The  Commissioner  shall  annually  in  the  month  of  February  publish 
in  pamphlet  form  an  abstract  of  the  statements  filed  in  his  office;  the 
expense  thereof  to  be  paid  by  the  companies 

Life.  —  Every  company  must  possess  one  hundred  thousand  dol- 
lars in  good  and  safe  stocks  or  securities,  and  deposit  the  same  with 
the  Auditor,  Comptroller,  or  chief  financial  officer  of  the  State  by 
whose  laws  the  company  is  incorporated,  and  furnish  the  general 
Treasurer  with  the  certificate  of  such  officer,  under  his  hand  and  official 
seal,  showing  that  he  holds  such  stocks  and  securities  in  trust  and  on 
deposit  for  the  benefit  of  all  the  policy-holders  of  such  company,  giving 
the  items  of  such  securities,  and  stating  that  he  is  satisfied  that  such 
securities  are  worth  one  hundred  thousand  dollars. 

Annual  statements  shall  be  filed  on  the  first  day  of  January  in  each 
year,  or  within  thirty  days  thereafter,  showing  the  business  and  the 
exact  condition  of  the  company  on  the  preceding  3 1st  day  of  December. 

The  agents  of  such  company  shall  publish  an  abstract,  to  be 
approved  by  the  Insurance  Commissioner,  of  its  statement  in  some 
newspaper  printed  in  the  county  in  which  he  has  his  place  of  business, 
for  six  weeks  successively  next  after  the  return  of  said  statement  to 
the  Insurance  Commissioner. 

Fees Upon  the  deposit  of  charter  and  preliminary  statement, 

there  shall  be  paid  the  sura  of  thirty  dollars  for  filing  charter,  and 
twenty  dollars  for  filing  statement. 

For  filing  annual  statement,  twenty  dollars. 

For  certificate  to  agent,  two  dollars. 

For  copy  of  service  of  process,  two  dollars. 
''    For  examination  of  companies,  the  actual  expenses  incurred. 

Reciprocal  provision. 

Taxes.  —  Every  agent  shall,  during  the  month  of  January  in  each 
year,  make  return  to  the  general  Treasurer  of  the  amount  insured  or 
procured  to  be  insured  by  him  in  this  State  during  the  year  preceding, 
and  of  the  amount  of  premiums  received  and  assessments  collected 
during  the  same  period,  and  shall  at  the  same  time  pay  to  the  general 
Treasurer  a  tax  of  two  per  cent,  on  the  amount  of  such  premiums  and 
assessments. 

Reciprocal  provision. 

Penalties.  —  Every  person  acting  as  agent  for  any  company 
within  this  State  respecting  the  issue  of  any  policy  of  insurance,  when 
such  company  has  not  complied  with  the  requirements  of  law,  shall  be 
fined  not  less  than  three  hundred  dollars,  nor  more  than  one  thousand 
dollars. 


STATTTORT     REQUIREMENTS. 


105 


ss  a  capital  of 

n  the  first  day 
er,  showing  its 
y  of  December, 
nt  on  the  first 
eafter,  showing 
of  December, 
(briiary  publish 
I  his  office;  the 


Any  agent  of  any  company  doing  business  without  complying  with 
the  requirements  of  law  shall  be  fined  one  thousand  dollars. 

Every  agent  refusing  or  neglecting  to  answer  any  interrogatories 
of  tlia  Commissioner  for  thirty  days  shall  be  fined  one  thousand 
dollars. 

ASSESSMENT    INSUKANOK. 

Rhode  Island  has  no  laws  regulating  assessment  insurance.  The 
requirements  are  the  same  as  those  for  life  companies. 


thousand  dol- 
the  same  with 
E  the  State  by 
3h  the  general 
and  and  official 
in  trust  and  on 
ompany,  giving 
sfied  that  such 

January  in  each 
Lsiness  and  the 
,y  of  December, 
abstract,  to  be 
ement  in  some 
ace  of  business, 
d  statement  to 


nary  statement, 
ig  charter,  and 


incurred. 

January  in  each 
ount  insured  or 
year  preceding, 
ments  collected 
r  to  the  general 
1  premiums  and 


any  company 
nsurance,  when 
of  law,  shall  be 
pU  one  thousand 


SOUTH  CAROLINA. 

[liCglttatare  meets  annually  In  November.] 
W.  E.  Stonet,   Comptroller- General,  Columbia. 

Admission. —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission  must  file  with  the  Comptroller-General  — 

A  certified  copy  of  its  charter. 

A  statement,  under  the  oath  of  the  president  or  secretary  of  the 
company,  showing  the  capital  stock,  assets,  and  liabilities  of  the  com- 
pany, which  statement  shall  be  published. 

A  certified  copy  of  the  vote  or  resolution  of  the  Trustees  oij  Direc- 
tors of  such  company  appointing  an  agent  or  attorney  of  the  company, 
accompani:d  by  a  warrant  of  appointment  under  the  seal  of  the  com- 
pany and  signed  by  the  President  and  Secretary,  which  vote  and  ap- 
pointment shall  contain  a  provision  consenting  that  process  of  law  may 
be  served  on  such  agent  for  all  liabilities  of  every  nature  incurred  in 
this  State  by  the  company,  and  that  such  service  shall  be  valid  and 
binding  upon  the  company. 

Certificates  and  A  gents.— Every  agent,  before  transacting 
business,  shall  obtain  a  license  from  the  Comptroller-General  for  each 
county  in  which  he  does  business,  which  shall  expire  and  be  renewed 
on  the  3 1  St  day  of  March  in  each  year.  Every  agent  shall  cause  such 
license  to  be  published  in  some  newspaper  designated  by  the  Comp- 
troller-General, having  circulation  in  the  county  in  which  he  resides. 

Every  such  license  shall  express  upon  its  face  the  county  or  coun- 
ties in  which  the  business  of  the  agent  is  to  be  conducted,  and  in  no 
case  shall  authorize  the  taking  a  risk  beyond  the  limits  expressed. 

Fire,  Marine,  and  Life. —  Annual  statements  must  be  filed  with 
the  Comptroller-General,  and  published. 

Life  companies  that  shall  receive  premiums  on  any  policy  for  two 
years  shall  be  deemed  to  have  waived  any  right  to  dispute  the  truth 
of  the  application  for  insurance,  and  the  application  shall  be  taken  to 
be  true.  Such  companies  are  authorized  at  any  time  within  two  years 
to  apply  to  vacate  any  policy  on  the  ground  of  falsity  of  representa- 
tions in  the  application. 

Fees. —  For  every  license  or  certificate  issued  to  any  company  or 
its  ager*/  Qve  dollars. 

i» 


r 


106 


8TATDT0RY     REQUIREMENTS. 


Taxes. —  Each  agent  shall  annually,  between  the  first  of  May  and 
the  twentieth  of  June,  return  to  the  Auditor  of  the  county  in  which 
such  agency  is  located  a  sworn  statement  of  the  gross  receipts  of  such 
agency  for  the  year  ending  on  the  preceding  thirty-first  day  of  March, 
together  with  all  the  value  of  any  personal  property  of  any  company 
situated  at  said  agency,  and  shall  be  charged  wiih  taxes  on  the  amount 
so  returned  at  the  place  of  said  agency. 

Penalties. —  Every  person  or  corporation  violating  any  of  the 
provisions  of  law  relating  to  insurance  shall  be  subject  to  a  penalty  of 
not  less  than  one  hundred  dollars  nor  more  than  five  hundred  dollars 
for  each  oilense. 


ASSESSMENT   INSURANCE. 

Assessment  companies  must  comply  with  the  insurance  laws.  The 
application  must  contain  a  certified  copy  of  the  company's  charter  or 
articles  of  incorporation,  a  copy  of  its  statement  of  business  for  the  pre- 
ceding year,  sworn  to  by  the  president  and  secretary,  or  like  officers, 
showing  a  detailed  account  of  the  expenditures  and  income,  the  amount 
of  insurance  in  force,  its  assets  and  liabilities  in  detail,  and  a  certificate 
sworn  to  by  the  president  and  secr'^tary,  or  like  oificers,  setting  forth 
that  it  has  paid,  and  has  the  ability  to  pay,  its  policies  or  certificates  to 
the  full  limit  named  therein;  a  certificate  fi'om  the  Insurance  Commis- 
sioner, br  a  judge  or  a  clerk  of  a  court  of  record  of  its  home  Slate, 
certifying  that  corporations  and  associations  insuring  lives  or  property 
on  the  assessment  plan  and  paying  policies  in  full,  or  providing 
accident  indemnity,  and  chartered  under  the  laws  of  this  State,  are 
legally  entitled  to  do  business  in  its  home  State;  a  copy  of  its  policy 
or  certificate  of  membership,  application,  and  by-laws,  which  must 
show  that  all  losses  by  death  or  fire  and  all  accidents  are,  in  the  main, 
provided  for  by  assessment  upon  all  surviving  members. 

After  any  such  company  or  association  shall  have  been  authorized 
to  do  business  in  this  State,  it  shall  m'lke  annually  to  the  Comptroller- 
General,  under  oath,  before  the  3 1st  day  of  March  of  each  year,  a 
statement  such  as  is  required  by  the  insurance  department  of  the 
home  State,  and  answer  such  interrogatories  as  the  Comptroller- 
General  may  make,  in  order  to  ascertain  its  financial  character  and 
condition ;  and  in  the  event  of  the  failure  of  any  company  or  associa- 
tion to  make  such  statement  on  or  before  the  31st  day  of  March  of 
each  year,  the  Comptroller-General  shall  revoke  its  authority  and 
decline  to  issue  license  to  any  of  its  agents ;  and  until  such  statement 
is  made,  any  agent  doing  business  for  such  company  or  association 
shall  be  deemed  to  be  violating  the  insurance  laws  of  the  State. 


irst  of  May  and 
ounty  in  which 
receipts  of  such 
t  day  of  March, 
»f  any  company 
3  on  the  amount 


ing  any  of  the 

to  a  penalty  of 

bundred  dollars 


ince  laws.  The 
any's  charter  or 
ness  for  the  pre- 

or  like  officers, 
)me,  the  amount 
and  a  certificate 
rs,  setting  forth 
or  certificates  to 
urance  Commis- 

its  home  Slate, 
ivea  or  property 
I,  or  providing 
:  this  State,  are 
ipy  of  its  policy 
V3,  which  must 
;ire,  in  the  main, 
rs. 

been  authorized 
the  Comptroller- 
of  each  year,  a 
lartment  of  the 
he  Comptroller- 
1.1  character  and 
pany  or  associa- 
lay  of  March  of 
8  authority  and 
such  statement 
y  or  associatioa 
the  State. 


STATUTORY     IIKQUIHEMKNTS. 


107 


TENNESSEE. 

[Lpgldature  meets  biennially.    Next  Seiuton,  Jan.  8. 1887.1 
Atha  Thomas,  Insurance   Commissioner,  Nashvillb. 
Admission.— Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Commissioner  — 
A  certified  copy  of  its  charter,  or  deed  of  settlement. 
A  statement  of  its  condition  on  the  3l8t  day  of  December,  pre- 
ceding, subscribed  under  oath,  by  the  president  and  secretary,  or  other 

chief  officer  of  the  company.  j    •       j  i     »u„ 

A  written  instrument  under  seal  of  the  company,  and  signed  by  the 
president  and  secretary,  authorizing  the  Secretary  of  State  in  case  of 
life  companies  and  the  Insurance  Commissioner  incase  of  all  other 
companies  to  acknowledge  service  of  process  for  and  in  behalf  of  the 
company,  and  consenting  that  service  of  process  on  the  Secretary  of 
State  or  Insurance  Commissioner,  as  the  case  may  be,  shall  be  taken 
and  held  as  valid  as  if  served  upon  the  company,  and  waiving  all  claim 
of  error  by  reason  of  such  service. 

Certificates  and  Agents.-Every  company  shall  certify  to  the 
Commissioner  the  names  of  all  agents  appointed  in  this  btate,  and  tne 
Commissioner  shall  issue  a  certificate  of  authority  to  such  agents, 
authorizing  them  to  transact  business  for  such  company.  Jivery  life 
insurance  company  shall  procure  a  license  from  the  Insurance  Com- 

missioner.  ,  n     •     t 

All  certificates  and  licenses  shall  be  renewed  annually  in  January. 
Agents  of  all  companies,  except  hfe.  shall  deposit  a  copy  of  the  '.-er- 
tificate  of  authority,  duly  certified,  with  the  clerk  of  the  county  m 
which  the  office  of  the  agent  is  located. 

Examinations  and  Impairments.— The  Commissioner,  when- 
ever  he  shall  deem  it  expedient,  may  examine  into  the  affairs  of  any 
company  transacting  business  in  this  State.  If  it  shall  appear  from 
such  examination  that  the  ailairs  of  such  company  are  in  an  unsound 
condition,  the  Commissioner  shall  revoke  all  authority  to  such  company 
or  its  agents  to  do  business  in  this  State,  and  cause  a  notification  there- 
of  to  be  published  at  least  three  times  in  some  newsjjaper  of  general 

circulation.  ,         ...         ,  .. 

A  fire  or  marine  company  is  in  an  unsound  condition  whenever  its 
capital  stock,  after  the  company  is  charged  with  its  proper  liabilities 
and  a  re-insurance  fund,  as  provided  by  law,  is  impaired  more  than 

twenty  per  cent.  .      .... 

A  Ufe  company  is  in  an  unsound  condition  if  it  does  not  possess 
assets  necessary  to  provide  for  all  out8tandit.g  and  unpaid  debts  and 
claims,  and  to  provide  a  re-insurance  reserve  computed  as  required  by 
law. 

Fire  and  Marine.— Every  company  must  possess  at  least  two 
hundred  thousand  dollars,  cash  capital,  of  which  one  hundred  thou- 
sand dollars  shall  be  invested  m  United  States  bonds,  or  bonds  of  one 
or  more  of  the  States. 


r 


108 


8TATUTOUY      UEQUIBKMKNT8. 


Annual  statements  must  be  filed  on  tiie  3l8t  day  of  Decomb<>r  in 
each  yoar,  or  within  thirty  days  tlioreafter,  showing  the  condition  of 
the  company  on  the  aaid  3l8t  day  of  Docfrabor. 

The  re-insurance  fund  is  computed  at  fifty  per  cent,  of  all  premiums 
on  unexpired  risks  having  not  more  than  one  year  to  run,  and  pro  rata 
of  premiums  on  risks  having  more  than  one  year  to  run. 

Life. — Every  company  must  possess  actual  cash  assets  to  the 
amount  of  one  hundred  thousand  dollars,  invested  as  required  by  the 
laws  of  the  State  where  it  is  organizjd,  and  must  furnish  the  (com- 
missioner a  certificate  from  the  proper  officer  of  the  State  where 
located,  showing  that  he  holds  securities  of  the  value  of  one  hundred 
thousand  dollars  on  deposit  for  the  security  of  the  policy  holders  of  the 
company. 

Annual  statements  shall  be  filed  on  the  thirty-first  day  of  Decern- 
ber  in  each  year,  or  within  thirty  days  thereafter. 

The  Commissioner  shall  annually  value  all  the  policies  outstanding 
in  every  life  company  doing  business  in  this  State,  which  does  not 
furnish  him  a  certificate  of  valuation,  mider  the  seal  from  the  Commis- 
sioner or  Superintendent  of  the  State  by  whose  laws  it  is  incorporated, 
showing  the  existing  values  of  all  outstanding  policies. 

All  valuations  made  by  the  Commissioner  shall  be  upon  the  basis 
of  the  American  Experience  Table  of  .Mortality,  with  interest  at  four 
and  one-half  per  cent,  per  annum.  The  stock,  or  non  participating 
policies  of  such  companies  may  be  valued  upon  the  basis  of  said  Table, 
with  interest  at  six  per  cent,  per  annum. 

Foreign. — Every  foreign  company  shall  file  with  the  Commis- 
sioner a  certificate  under  the  hand  and  official  seal  of  the  chief  finan- 
cial officer  of  some  other  State,  showing  that  he  holds  on  deposit  and 
in  trust  for  the  benefit  of  all  the  policy-holders  of  such  company  in  the 
United  States,  stocks  and  securities  to  the  value  of  two  hundred 
thousand  dollars. 

Licenses. — Reciprocal  provision. 

Fees. — Fire  and  Marine. 

P^or  filing  copy  of  charter  or  deed  of  settlement,  ten  dollars. 

For  filing  annual  statement,  twenty-five  dollars. 

For  filing  additional  or  supplemental  statementj  ten  dollars. 

For  each  certificate  of  authority,  six  dollars. 

For  copies  of  any  paper  on  file,  twenty  cents  per  folio,  and  for 
afiBxing  seal  of  office  and  certifying  the  same,  one  dollar. 

For  cost  of  valuation,  not  exceeding  three  cents  on  each  thousand 
dollars  of  insurance  valued. 

For  making  examinations,  the  actual  expenses  incurred. 

Life  companies  shall  pay  the  Commissioner  fifty  dollars  for  exam- 
ining statement,  and  six  dollars  for  each  certificate  of  authority. 

Reciprocal  provision. 

Taxes. — Each  fire  or  marine  company  shall,  on  the  thirtieth  day 
of  June  and  December  in  each  year,  report,  under  the  oath  of  the 
president  and  secretary,  or  other  chief  ofiBcers  of  such  company,  the 


8TATDT0RT     RBQUlRKMENTfl. 


109 


Decoinlx^r  in 
condition  of 

all  promiums 
,  and  pro  rata 


aasots  to  the 
juired  by  the 
sh  the  Com- 
State  where 
one  hundred 
lolders  of  the 

ly  of  Decem- 

;  outstanding 

ich  does  not 

the  Commia- 

incorpo  rated, 

pon  the  basis 

terest  at  four 

participating 

:>f  said  Table, 

the  Commis- 
le  chief  iinan- 
n  deposit  and 
nipany  in  the 
awo  hundred 


dollars. 

ollars. 

"olio,  and  for 

ach  thousand 

Bd. 

ars  for  exam- 

thority. 

thirtieth  day 
)  oath  of  the 
company,  the 


total  amount  of  premiums  received  in  this  Stat-,  withm  the  six  months 
la  t  prSoding,  and  at  tho  same  time  shall  pay  into  the  State  Treasury 
the  smn  of  tSo  dollars  and  fifty  cents  on  each  one  hundred  dollars  o 
such  premiums.  Life  companies  shall  make  a  'i^o  -turn  on  the  fi^t 
days  of  January  and  July,  and  pay  a  tax  of  one  and  one-halt  per  cent, 
upon  such  premiums. 

Reciprocal  provision. 

Penalties  —Every  agent  doing  business  for  any  company  without 
a  certificate  of'  authority  from  the  Commissioner  shall  be  subject  to  a 
penalty  of  five  hundred  doUai-s  for  each  offense  . 

Every  company  failing  to  make  returns  and  pay  taxes  as  required 
by  law  shall  forfeit  and  pay -to  the  State  five  hundred  dollars. 

ASSESSMENT    INStlUANCE. 

Tennesee  has  no  law  regulating  the  admission  of  other  State 
Assessment  Companies. 

TEXAS. 

[LeglBlatare  meets  biennially.    Next  Seeelon,  January  11, 1387.] 
Hamilton  B.  Bee,  Insurance  Commissioner,  Austin. 

Admission  —Every  company  desiring  to  transact  business  in 
this  State  before  admission  must  file  with  the  Insurance  Commis- 

^'"Tdl^ly  certified  copy  of  its  charter  and  by-laws,  with  all  amend- 
ments  ;  name  and   residence  of  each  of  its  officers,   directors,  and 

members.  . ,  .  -j     *      ^  »„„ 

A  statement  under  oath  of  the  president  or  vice-president  and  sec- 
retary of  the  company,  showing  the  condition  and  business  of  the 

*^*^"5*wntten  instrument  under  the  seal  of  the  company,  signed  by  the 
president  and  secreUry.  and  authorized  by  resolution  of  the  directors 
in  case  of  fire  and  marine  companies,  appointing  some  person  m  this 
State  its  attorney  upon  whom  all  service  of  process  may  be  made  in 
any  action  against  said  company  in  this  State.  In  case  of  life  com- 
panies such  written  instrument  shall  authorize  service  to  be  made  upon 
any  duly  appointed  agent  in  this  State. 

Certificates  and  Agents.  —  Every  insurance  company  shall  pro- 
cure from  the  Commissioner,  before  transacting  business,  a  certihcate 
of  authority,  which  shaU  be  renewed  annually  at  the  time  of  filing  the 

annual  statement.  ,  ■  i      • 

Which  certificate  shall  be  published  for  three  successive  weeks  in 
two  newspapers  printed  in  the  State,  having  general  circulation 
The  first  publication  must  be  made  within  thirty  days  after  issue  of 
certificate,  arJ  evidence  of  the  publication  must  be  filed  with  the  Com- 
missioner ,  .  .,  . 
All  agents,  before  transacting  business  for  any  company  m  this 
State,  shall  procure  from  the  Commissioner  a  certificate  of  authority, 


r 


"If 


■MM 


t 


110 


HTATUTOUY     r'SQUIREMRNTB. 


which  shall  bo  rontiwed  annually  on  tho  first  day  of  January,  or  within 
sixty  (lays  thereafter. 

Examinations  and  Impairments.  —  The  Commisslonor,  when 
ho  deetnH  it  expedient,  may  examine  into  the  condition  and  affairs  of 
any  rompaiiy  doing  business  in  this  State,  and  if  he  is  satisfied  that 
the  affairs  of  any  company  are  in  an  unsound  condition  he  shall  re- 
\oko  the  certificates  granted  in  behalf  of  such  company,  and  publish 
notice  tliereof  in  one  or  two  newspapers  published  in  this  State. 

A  fire  or  marine  company  is  in  an  unsound  condition  if,  after 
charging  it  with  a  re-insurance  fund  and  its  proper  liabilities,  its  cap- 
ital stock  is  impaired  twenty-five  per  cent. 

Fire  and  Marine.  —  Annual  statements  must  he  filed  on  the  first 
day  of  January  or  within  sixty  days  thereafter.  Every  such  company 
must  t.ossess  an  actual  paid-up  capital  of  one  hundred  thousand  dol- 
lars, exclusive  of  any  asst^ts  deposited  in  any  State  or  Territory  for  the 
special  benefit  of  the  insured  therein. 

The  re-insurance  fund  shall  be  computed  at  forty  per  cent,  of  all 
premiums  on  unexpired  fire  risks,  and  the  entire  premium  on  unex- 
pired marine  and  inland  risks.  If  any  company  fails  to  pay  any  exe- 
cution against  it,  on  a  valid  final  judgment  in  this  State,  for  thirty 
days,  the  certificates  of  the  company  shall  be  revoked,  and  it  shall  not 
be  permitted  to  transact  further  business  in  this  State  until  such  execu- 
tion is  paid. 

A  fire  insurance  [jolicy,  on  real  property,  in  case  of  a  total  loss  by 
fire  of  properly  in.siired,  shall  be  held  to  be  a  liquidated  demand  against 
the  company  for  the  full  amount. 

Life.  —  Every  company  shall  possess  at  least  one  hundred  thousand 
dollars  of  actual  capital  invested  in  stocks,  bonds,  and  mortgages,  or 
other  satisfactory  securities  of  the  market  value  of  at  least  one  hundred 
thousand  dollars.  Every  such  company  organized  in  any  foreign 
country  shall  furnish  a  certificate  that  it  has  one  iiundred  thousand 
dollars  on  deposit  with  the  proper  oflHcer  of  some  other  State  of  the 
United  States,  or  shall  make  such  deposit  with  the  Treasurer  of  this 
State. 

Annual  statements  shall  be  filed  on  the  first  day  of  January,  or 
within  sixty  days  thereafter.  If  any  company  fails  to  pay  any  claim 
arising  under  any  policy,  within  the  time  specified  in  such  policy,  it 
shall  in  addition  thereto  pay  not  more  than  twelve  per  cent,  on  the 
amount  thereof,  and  reasonable  attorney's  fees  for  the  prosecution  of 
the  claim  against  the  company.  If  such  company  fails  to  pay  any 
execution  issued  on  final  judgment,  for  thirty  days,  the  ertificate 
granted  such  company  shall  be  void,  and  such  company  shall  be  pro- 
hibited transacting  further  business  in  this  State  until  such  execution 
is  paid. 

Licenses  and  Taxes.  —  Every  life  insurance  company  shall  pay 
an  annual  tax  of  three  hundred  dollars,  and  in  every  county  in  which 
it  does  business,  ten  dollars. 

Every  fire  and  marine  insurance  company  shall  pay  an  annual  tax 
of  two  hundred  dollars,  and  ten  dollars  in  every  county  in  which  it 
does  business. 


.^uji»i.pi 


mmmmm 


STATUTORY     K KQ U I RBMKNT8, 


111 


irj',  or  within 

isionor,  when 
j,ii(l  affairs  of 
satisfied  that 
he  shall  re- 
and  publish 
State. 

lion  if,  after 
lities,  its  cap- 

'd  on  the  first 
uch  company 
housand  dol- 
ritory  for  the 

!r  cent,  of  all 
ium  on  unex- 
pay  any  exe- 
XV,  for  thirty 
d  it  shall  not 
il  such  execu- 

I  total  loss  by 
)mand  against 

Ired  thousand 
mortgages,  or 
)  one  hundred 

any  foreign 
red  thousand 

State  of  the 
asurer  of  this 

if  January,  or 
ay  any  claim 
lucb  policy,  it 
r  cent,  on  the 
prosecution  of 
Is  to  pay  any 
;he  ertificate 
shall  be  pro- 
ach  execution 

pany  shall  pay 
inty  in  which 

an  annual  tax 
y  in  which  it 


Tho  cities  and  towns  ,throu<?h..ut  this  State  have  the  power  to  levy 
taxoi  to  the  amount  <>f  one-lmlf  tho  State  tixes.  Any  such  coiuL.unv 
doing  business  for  less  than  a  year  shall  pay  a  pro  rata  amount  of  such 
taxes. 

Fees -Fire  and  Marine.  —  For  filing  certified  copy  of  charter, 
twenty-live  dollars. 

For  filing  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority,  one  dollar. 

For  all  copies  of  papers  on  file,  twenty  cents  per  folio,  and  one  dol- 
lar for  certifying  the  same  and  affixing  the  seal  of  office. 

For  valuing  life  policies,  ten  dollars  for  each  million  dollars  of  m- 
Burance  valued.  . 

For  examinations,  ten  dollars  per  day  and  the  actual  expenses  m- 
curred,  not  to  exceed  two  hundred  and  fifty  dollars. 

Reciprocal  provision. 

Penalties.  — Every  person  violating  any  of  the  provisions  of  law 
relating  to  insurance  is  punishable  by  a  fine  not  less  than  five  hundred 
dollars  nor  more  than  one  thousand  dollars. 

ASSESSMENT    INSURANCE. 

Assessment  companies  may  bo  admitted  which  are  organized  under 
the  laws  of  any  other  State,  which  have  no  capital  stock,  and  whose 
relief  funds  are  created  and  sustained  by  as^essm  mt  made  upon  the 
members  of  said  association  in  aceordanc)  with  th-iir  several  by-lawa 
and  regulations  :  Provi-ied,  that  the  principal  officer  of  every  such 
benevolent  organization  (not  conducted  by  lodges,  a  quorum  of  whose 
members  meet  in  their  respective  lodyte  rooms  at  leait  once  each 
month)  shall  be  required  to  makd  an  annuil  slatemant  under  oath  to 
the  Department  of  Insurance,  on  the  first  day  of  January  of  each  year, 
or  within  sixty  days  thereafter,  showing  :  .        • ,  » 

Name  of  organization  and  where  located.  Name  and  residence  of 
officers  The  salary  paid  each  officer.  The  gross  amount  of  money 
received  during  the  year,  and  from  what  sources.  The  amount  paid 
to  policy-holders  on  assessments  to  pay  losses.  The  .i-nount  paid  out 
for  all  other  purposes,  stating  in  detail  what  purpose.     Su:nlus  in  the 

treasury  if  any.  .  i    w<. 

And  should  any  such  benevolent  organization  refuse  or  neglect  to 
make  an  annual  report  as  above  required,  it  shall  be  deemed  an  insur- 
ance  company  conducted  for  profit  to  its  officers  and  amenable  to  tHe 
laws  governing  such  companies. 


UTAH. 

[LegtiUtun  meeU  blcnnUlly.    N«x»  SesBlon,  January,  1888.1 
Arthur  L.  Thomas,  Secretary,  Salt  Lake  City. 
Admission.— Every  company  must  file  with  the  Secretary  of  the 
Territory,  and  with  the  County  Court  of  the  county  in  which  its  prin- 
cipal office  in  the  Territory  is  locate<l,  within  sixty  days  after  com- 
mencing  business: 


113 


■  TATPTORT  BBQrtRRM  EWTB. 


A  rf'rtifiod  copy  of  itB  charter  and  hy  IhWH,  and  of  any  anmnd- 
meiits  ami  alloratioiis  tlu'roof  A  iltHij^naiion  of  Hotiie  porson  roHiding 
in  th«  county  in  which  its  principal  offlco  is  located  in  this  Torntory, 
U{)on  whom  l«'f<al  proccwM  inay  bo  mirvod. 

Each  fire  insurance  company  must  have  a  capital  paid  up  of  not 
less  than  two  hundred  thousand  dollars.  MuHt  lilo  with  the  Secirctary 
a  sworn  statement,  giving  the  name,  locality,  and  financial  condition 
of  the  company. 

Annual  Statements. —  These  must  bo  made  in  the  month  of 
April,  and  shall  be  published  by  <mch  company  on  or  before  the  .'tOth 
day  of  April  of  cacn  yeai",  at  least  four  times  in  some  newspaper  pub- 
lished in  the  Territory  and  having  general  circulation  therein. 

I  Icenses.  —  A  license  fee,  $25,  is  required  to  be  paid  for  the 
■  privilege  of  doing  business  in  Salt  Lake  City. 

Fees.  —  To  the  Secretary: 

For  fding  statomenta,  throe  dollars. 

For  certilicate  of  authority,  two  dollars. 

For  each  subsequent  certificate  to  other  agents,  one  dollar. 


VERMONT. 


[Lp(;lilature  meets  bicnnlallj.     Next  Saiilon,  October,  ISSS.] 
Charles    W.  Pobtek  and  W.  H.  Du  Bois,  Insurance  Commissioners, 

MONTPELIEH. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State,  before  admission  shall  file  with  the  Secretary  of  State  — 

A  certified  copy  of  its  charter  and  by-laws. 

A  statement  signed  and  sworn  to  by  the  president  and  secretary 
of  the  company,  showing  its  capital,  assets,  and  liabilities. 

Every  such  company,  by  a  written  stipulation  filed  with  the  Secre- 
tary of  State,  shall  agree  that  all  lawful  process  against  such  company 
may  be  served  upon  the  Secretary  of  State  and  shall  have  the  same 
effect  as  if  served  personally  upon  the  company.  When  process  is 
served  on  the  Secretary  of  State  it  shall  be  served  by  duplicate  copies, 
and  one  copy  shall  be  immediately  forwarded  to  the  company. 

Certificates  and  Agents.  —  Every  company  shall,  before  doing 
business,  obtain  a  license  from  the  ('ommissioners.  Such  licenses  shall 
be  renewed  annually  on  the  first  day  of  April. 

Every  agent,  before  doing  business  for  any  company,  shall  file  with 
the  Commissioners  a  certificate  of  b's  appointment  from  the  company 
or  its  general  agent.  The  Commicivwion  ►'hull  thereupon  issue  a  license 
to  every  such  agent.  Such  liceri^  /  ■•■'•'  I'  renewed  "r  ally  on  the 
first  day  of  April. 

If  any  judgment  remains  unpaid  thirty  days  after  demand  and 
notice  to  the  Commissioners,  the  Commissioners  may  suspend  the  busi- 
ness of  the  company  in  this  State. 

Examinations  and  Impairments.  —  The  Insurance  Commis- 
eiontu's  may  at  any  time  examine  into  the  affairs  and  condition  of  any 


f  any  amond- 
trson  rosiding 
:hi9  Torntory, 

lid  up  of  not 
the  SociDftary 
cial  condition 

the  month  of 
for<^  th«  ;iOth 
Jwspapor  pub- 
Broin. 

paid  for  the 


ollur. 


Oommissioners, 

t  business  in 
of  State  — 

ind  secretary 

8. 

ith  the  Secre- 
Buch  company 
lave  the  same 
len  t>roceB8  is 
plicate  copies, 
ipany. 

,  before  doing 
I  licenses  shall 

shall  file  with 
I  the  company 
issue  a  license 
T  .ally  on  the 

demand  and 
pend  the  busi- 

mce  Gommis- 
ndition  of  any 


•  TATniOHT     RKqtMRBMENTB. 


118 


company  doinj;  or  pro|K)Mng  to  do  business  in  this  Htato,  If  in  his 
opinion  sui-h  comiutny  i«  in  an  unsotitid  or  failing  condition,  Im  s!i.ill 
revoke  th«  licenses  granted  to  such  conifiany  iiud  its  ni^nntH,  siiid  pub. 
lish  notice  thereof  in  every  ooiinty  in  which  tho  compuny  IriM  ;m  ii>fnnt. 
No  company  can  transact  business  in  this  State  if  its  capital  stock 
is  impaired  more  than  twenty  per  cent. 

Fire  and  Marine.  —  Every  stock  company  must  have  a  paid-up 
capital  of  one  hundred  thousand  dollar!*,  not  less  than  one-half  of  wliicli 
shall  iKiinvoHted  in  cash  securities  other  than  mortgages  on  real  estate, 
and  in  addition  to  such  capital  assets  equal  to  its  outstanding  liabilities, 
reinsurance  reckoned  as  below.  Annual  statements  shall  bn  flldl  on  or 
l>efore  the  first  day  of  February  in  oaidi  year,  showing  tho  condition  of 
the  company  tlio  preceding  31st  day  of  December.  The  reinsurance 
fund  shatl  be  computed  at  fifty  per  cent,  of  the  premiums  on  unifx- 
pirfcd  fire  risks  and  the  entire  premium  on  marine  risks  (Jonipunies 
are  liable  for  the  acts  and  neglect  of  their  agents,  as  between  nuch 
companies  and  the  insured.  If  not  made  so  by  law  of  their  act  of 
incorporation,  their  policies  must  contain  a  proviso  to  that  effect. 

Life.  —  Every  life  insurance  company  must  po3s&<is  not  less  than 
one  hundred  thousand  dollars,  and  in  addition  assets  equal  to  its  liabil- 
ities, reserve  reckoned  on  Actuaries'  Table  of  Mortality  with  interest  at 
four  per  cent. 

Annual  statements  shall  bo  filed  previous  to  the  first  day  of  March 
in  each  year,  showing  tho  condition  of  the  company  the  preceding  3l8t 
day  of  December. 

Fees.  —  For  filing  annual  statement,  twenty  dollars. 
For  company's  license,  five  dollars. 
For  agent's  licenses,  one  dollar. 

Penalties.  —  Any  violation  of  the  act  relating  to  insurance  is  pun- 
ishable by  a  fine  not  exceeding  two  thousand  dollars. 

Agents  transacting  business  for  unauthorized  companies  subject  to 
fine  of  not  more  than  five  hundred  dollars. 

ASSESSMENT    INSUKANOE. 

Every  company  desiring  to  do  business  must  comply  with  the  life 
insurance  laws;  except  that  mutual  accident  companies  may  be  admit- 
ted with  assets  or  a  reserve  fund  applicable  to  the  payment  of  losses  to 
the  amount  of  fifty  thousand  dollars. 


VIRGINIA. 

[Legislature  meets  biennially.    Next  Segslon,  December  7, 1887.] 

MoKTON  Maybe,  Auditor  of  public  Accounts,  Richmond. 

Admission. —  Every  company,  before  transacting  business  in  this 

State,  shall  deposit  with  the  Treasurer  bonds  of  the  State  of  Virginia, 

or  bonds  of  the  United  States,  or  bonds  of  the  cities  of  Richmond, 

Petersburg,    Lynchburg,    Norfolk,   Alexandria,   or   Danville,  Jo   the 

15 


r 


nT 


lU 


BTATUTOUY  KEQCIRF,  MENT8. 


amovint  of  five  per  centum  of  its  capital  stock;  such  deposit  to  be  not 
less  than  ten  thousand  dollars  nf-  more  tluiii  fifty  thousand  dollars. 

Such  deposit  shall  bo  accoiupanied  by  a  statement,  under  oath,  of 
the  amount  of  capital  stock  of  such  coff.pany. 

Every  such  company,  by  a  written  power  of  attorney,  shall  appoint 
some  person,  a  resident  and  citizen  of  this  Statr,  its  agent  or  attorney, 
who  shall  accept  service  of  ail  lawful  process  against  such  company 
in  this  State,  and  cause  an  appearanco  to  be  entered  in  any  a<;tioa 
against  it. 

In  case  of  the  resignation  or  ren.oval  from  the  State  of  such  attor- 
ney, until  his  successor  shall  be  c«ppointed,  service  of  process  may  be 
made  on  the  Auditor  of  State  in  the  same  manner,  and  with  the  same 
effect  as  on  such  attorney. 

A  copy  of  such  power  of  attorney  d"ily  certified  and  authenticated 
shall  be  filed  with  the  Auditor. 

Every  such  company,  through  its  attorney,  shall  give  bond  to  the 
Auditor  with  tv/o  or  more  sureties,  in  a  sum  nut  less  than  one  thou- 
sand dollars,  nor  more  than  five  thousand  dollars,  conditioned  to  make 
returns  and  pay  taxes  as  required  by  law. 

Licenses. —  Any  company,  upon  making  the  deposit  required  by 
law,  sliall  receive  from  the  Treasurer  a  receipt  therefor,  and  upon  the 
payment  into  the  treasury  of  a  specific  license  tax  of  two  hundred 
dollars  shall  receive  a  license  to  transact  business  in  this  State.  Such 
license  tax  shall  be  paid  and  hcense  renewed  annually,  before  the 
fifteenth  day  of  January.     For  fractions  of  year  the  license  is  pro  rata. 

Fire,  Marine,  and  Life. —  The  Auditor  is  authorized  to  i>^ake  a 
valuation  of  policies  outstanding  in  any  life  company  incorporated  by 
this  State,  upon  the  basis  of  the  American  Experience  Table  of  Mor- 
tality, with  interest  at  four  and  one-half  per  cent,  per  annum. 

if  the  insp ranee  department  of  any  o'her  State  refuses  to  receive 
as  sufficient  the  valuation  made  by  the  Auditor  of  the  policies  of  any 
company  of  this  State,  doing  business  in  such  other  State,  then  the 
policies  outstanding  in  any  company  of  such  other  State  shall  be  spe- 
cially valued  at  the  expense  of  the  company  under  the  direction  of  the 
Auditor,  before  such  company  shall  be  permitted  to  transact  business 
in  this  State. 

Annual  statements  shall  be  filed  with  the  auditor  on  or  before  the 
31st  day  of  March  in  each  year,  showing  the  condition  of  such  com- 
pany on  the  last  day  of  its  fiscal  year,  and  shall  be  verified  by  the  oath 
of  its  president  and  secretary.  Such  statement  shall  be  published  for 
six  days  in  one  of  the  newspapers  published  in  Richmond,  at  the 
expense  of  the  companies.  All  conditions  and  restrictive  provisions 
in  every  policy  of  insurance  sliall  be  printed  in  long  primer  type  or 
written  with  pen  and  ink  in  or  on  the  policy. 

Taxes. —  Every  company  shall  certify  to  the  Auditor  under  the 
oath  of  its  chief  accounting  officer  or  principal  agent  in  this  State,  be- 
tween the  first  and  thirty-first  days  of  January  in  each  year,  the  gross 
amount  of  all  premiums  collected  in  this  State,  and  shall  immediately 
pay  into  the  treasury  of  the  State  a  tax  of  one  per  cent,  thereon. 

Reciprocal  provision. 


Am 


loposit  to  1)0  not 
ifiind  dollars. 
;,  under  oath,  of 

3y,  shall  appoint 
;ent  or  attorney, 
t  snch  company 
j  in  any  a<;tion 

te  of  such  attor- 

process  may  be 

d  with  the  same 

d  authenticated 

ve  bond  to  the 
3  than  ene  thou- 
itioned  to  make 


osit  required  by 
r,  and  upon  the 
jf  two  hundred 
lis  State.  Such 
ally,  before  the 
sense  is  pro  rata. 

)rizcd  to  ii^ake  a 

incorporated  by 

e  Table  of  Mor- 

mnum. 

fuses  to  receive 

e  policies  of  any 

State,  then  the 
te  shall  be  spe- 

direction  of  the 
ransact  business 

m  or  before  the 
on  of  such  com- 
:fied  by  the  oath 
be  published  for 
chmond,  at  the 
ctive  provisions 
primer  type  or 

ditor  under  the 
in  thifs  State,  be- 
1  year,  the  gross 
lall  immediately 
t.  thereon. 


STATUTORY      RKQUIRKMENT8. 


115 


Penalties.  —  Every  person  who  shall  act  as  agent  for  any  com- 
pany that  has  not  complied  with  the  recjiiiremcntK  ol  law  sliall  forfeit 
a  sum  not  cxcc'edin<^  one  tliousaiul  dollars,  nor  loss  than  three  hundred 
dollars,  for  each  ollense. 

For  failure  to  pay  taxes,  five  per  cent,  a  month  during  the  contin- 
uance of  such  failure. 


WEST  VIRG-INIA. 

[Legislature  meets  biennially.    Next  Secglun,  Jaiinary  12, 188V.] 

Patrick  P.  Duffy,  State  Awiilor,  Charleston. 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  State,  before  tdraission  must  file  with  the  Auditor  — 

A  statement  of  the  condition  of  the  company,  under  the  oath  of 
the  president  or  secretary. 

A  power  of  attorney  duly  acknowledged  and  authenticated,  appoint- 
ing some  person  residing  in  this  State  to  accept  service  of  process  and 
notice  in  this  State  for  such  compan)',  and  consenting  that  service  of 
any  process  or  notice  upon  such  person,  or  his  acceptance  of  service, 
shall  have  the  same  effect  as  se-vico  on  the  company. 

Certificates  and  Agents. —  Every  company  and  its  agents  must 
procure  from  the  Auditor  a  certificate  of  authority,  p.nd  cause  the 
same  to  be  published  in  some  newspaper  of  general  circulation,  pub- 
lished in  this  State,  and  cause  a  copy  of  such  publication  to  be  filed  in 
the  oflSce  of  the  circuit  court,  in  each  county  where  said  company  does 
insurance  business.  Such  certificates  shall  be  renewed  annually,  and 
annually  published  and  filed  as  aforesaid. 

Examinations.—  The  Auditor  is  authorized  to  examine  the  affairs 
of  any  company  doing  business  m  this  State.  Whenever  it  shall 
appear  to  his  satisfaction  that  the  affairs  of  any  such  company  are  in  an 
unsound  condition,  he  shall  revoke  the  certificate  of  authority  granted 
in  behalf  of  such  company  and  cause  notification  thereof  to  be  pub- 
lished in  some  newspaper  of  general  circulation,  published  at  the  capi- 
tal of  this  State. 

Fire,  Marine,  and  Life. —  Every  company  must  possess  at  least 
one  hundred  thousand  dollars  actual  capital,  invested  in  safe  securities. 

Annual  statements  shall  be  filed  in  the  month  of  January,  in  each 
year,  showing  the  condition  and  affairs  of  the  company  on  the  pre- 
ceding 3 1  St  day  of  December. 

Fees. —  For  filing  and  examination  of  statement,  ten  dollars. 
For  each  certificate  of  authority,  five  dollars. 
Reciprocal  provision. 

Taxes. —  Every  company  doing  business  in  this  State  shall,  at  the 
time  of  .filing  annual  statement,  pay  into  the  State  treasury  a  tax  of 
two  per  centum  upon  the  gross  amount  of  premiums  collected  in  this 
State  during  the  preceding  year. 

Every  life  insurance  company  which  shall  invest  in  this  State  the 


116 


STATU  TOHY     RKQl'lHEMENTS. 


wliole  amnunt  of  its  net  receipts  from  its  bnpiness  therein  shall  pay 
only  one-third  of  sut-h  tax.  The  city  of  Wheeling  is  authorized  to 
impose  a  tax  of  one  half  of  one  per  cent,  semi-annually  upon  i)reniium 
receipts  in  said  city.  Agents  are  recpiired  to  procure  from  the  City 
Clerk  a  certificate  of  authority  before  doing  business,  and  to  make 
return  and  pay  to  the  city  said  tax  on  or  before  the  fifteenth  days  of 
January  and  July  in  each  year,  on  all  such  premium  receiptif  for  the 
six  months  ending  on  the  preceding  first  days  of  July  and  January. 

Penalties, — Every  company  or  agent  required  to  make  return  or 
payment  of  taxes  or  fees  who  shall  fail  to  do  so,  or  knowingly  make 
a  false  return,  shall  forfeit  not  less  than  twenty  nor  more  than  two 
hundred  dollars  for  every  such  offense,  and  any  ofJ^cer  or  agent  of 
any  insurance  company  who  shall  make,  renew,  or  negotiate,  m  this 
State,  any  insurance  or  contract  for  insurance  for,  or  in  the  name  of, 
any  company  which  has  tiot  fully  complied  with  the  requirements  of 
the  laws  relating  to  making  the  annual  statement  or  paying  taxes, 
forfeits  fifty  dollars  for  every  such  offense. 

ASSESSMENT    INSURANCE. 

Admission.  —  Assessment  companies  must  appoint  an  attorney; 
must  satisfy  the  Auditor  that  they  do  not  issue  certificates  on  persons 
over  sixty-five  years  of  age;  that  they  are  authorized  to  do  business  in 
the  State  of  their  incorporation;  that  they  are  paying  and  are  able  to 
pay  certificates  in  full;  that  they  pay  no  benefits  except  for  death  or 
accident,  and  do  no  other  business. 

Ar<nual  ^^tatements  must  be  filed  with  Auditor  on  or  before 
March  first,  showing  condition  December  thirty-first  preceding. 

Fees. —  To  Auditor  for  filing  each  statement  ten  dollars,  and 
twenty-five  dollars  for  each  certificate  of  authority. 

Penalties. —  Agents  doing  business  for  unauthorized  companies 
subject  to  a  fine  of  one  hundred  dollars  for  each  offense. 


WISCONSIN. 

[  Legislatnre  meetfi  biennially.    Next  Seei>ion,  January  13, 1887.  ] 
Phil.  Cheek,  Jb.,  Insurance  Commiisioner,  MAnisoN. 

Admission.  —  Every  company  desiring  to  transact  business  in  this 
State  shall,  before  admission,  file  with  the  Insurance  Commissioner  — 

A  certified  copy  of  its  chaiter  or  deed  of  settlement. 

A  statement  under  the  oath  of  the  president,  vice-president,  or 
other  chief  officer  and  secretary  of  the  company,  showing  its  affairs 
and  condition. 

A  copy  of  the  last  report,  if  any  made,  under  any  law  of  the  State 
by  which  the  company  was  incorporated. 

Every  such  company  shall  appoint,  in  writing,  an  attorney,  resident 
in  this  State,  upon  whom  all  lawful  process  can  bo  served,  with  like 


...^ 


rein  shall  pay 
autliorized  to 
ipon  [>reniium 
from  the  City 
i.  and  to  make 
fteenth  days  of 
iceipt^  for  the 
nd  Janimry. 

nake  return  or 
lowingly  make 
more  than  two 
3r  or  agent  of 
gotiate,  m  this 
n  the  name  of, 
equirements  of 
paying  taxes, 


at  au  attorney; 
tes  on  persona 
do  business  in 
md  aie  able  to 
(t  for  death  or 

•  on  or  before 
seeding. 

a   dollars,   and 
ized  companies 


1887.) 

KmsoK. 

business  in  this 
ommissioner  — 

le-president,  or 
ving  its  affairs 

aw  of  the  State 

orney,  resident 
rved,  with  like 


STATCTORY   REQUIREMENTS. 


117 


effect  as  if  said  company  existed  in  this  State.  Such  written  instru- 
ment, in  case  of  fire  companies,  shall  contain  a  provision  that  such 
company  will  not  remove  any  suit  against  it  in  this  State  to  the  United 
States  courts.  A  copy  of  siich  written  instrument  or  power  of  attor- 
ney, duly  certified  and"  authenticated,  shall  bo  filed  with  the  Insurance 
Commissioner.  It  is  also  provided  that  service  of  any  process  may  be 
made  on  any  agent  of  such  company  in  this  State,  and  such  service 
shall  bo  valid  personal  service  upon  such  company. 

Certificates  and  Agents. —  Every  insurance  company  shall,  be- 
fore  transacting  business,  obtain  from  the  Insurance  Commissioner  a 
license  or  certificate  of  authority,  which  shall  be  renewed  annually. 

Every  agent  shall,  before  doing  business,  procure  from  the  Insur- 
ance Commissioner  a  certificate  authorizing  him  so  to  do.  Such  cer- 
tificate', in  case  of  fire,  marine,  or  inland  companies,  shall  expire  on  the 
31st  day  of  January  in  each  year,  and  in  case  of  life  companies  on  the 
first  day  of  Marcli  in  each  year,  and  all  such  certificates  shall  be  re- 
newed annually. 

Examinations  and  Impairments.  —  The  Insurance  Commis- 
sioner,  whenever  he  shall  deem  it  expedient,  may  examine  into  the 
condition  of  any  company  doing  business  in  this  State.  Whenever  he 
shall  deem  it  for  the  best  interest  of  the  public,  he  shall  publish  the 
result  of  such  examination  in  one  or  more  papers  in  this  State.  If  it 
shall  appear  from  such  examination  that  the  affairs  of  any  company 
are  in  an  unsound  (condition,  the  Insurance  Commissioner  shall  revoke 
the  certificate  granted  in  behalf  of  such  company,  and  cause  notifica- 
tion thereof  to  be  published  in  the  official  State  paper,  and  mail  a  copy- 
thereof  to  each  agent  of  the  company. 

No  fire  or  marine  company  can  transact  business  in  this  State  if, 
after  the  company  is  charged  with  its  proper  liabilities,  including  its 
re-insurance  fund,  the  capital  stock  of  such  company  is  impaired  to  the 
extent  of  twenty  per  cent,  thereof,  while  such  deficiency  continues. 

No  life  company  can  transact  business  in  this  State  if  its  assets, 
after  providing  for  all  its  liabilities,  are  not  equal  to  its  premiuiu  re- 
serve, ascertained  as  required  by  law.  No  accident  company  if  its 
capital  is  impaired  to  the  extent  of  fifteen  per  cent. 

Fire  and  Marine.  —  Every  company  transacting  business  in  this 
State  must  possess  an  actual  cash  capital  of  two  hundred  thousand  dol- 
lars. But  mutual  companies  may  he  admitted  upon  complying  with 
the  same  rules  and  regulations  as  mutual  companies  of  this  .State  are 
required  to  comply  with  in  order  to  do  business  in  the  State  where 
such  companies  are  organized. 

Annual  statements  must  be  filed  on  the  first  day  of  January  in 
each  year,  or  within  one  month  thereafter,  showing  the  condition  and 
affairs  of  the  company  on  the  preceding  31st  day  of  December.  Such 
statement  shall  be  published  in  the  official  State  paper  for  two  weeks, 
and  in  one  daily  paper  of  general  circulation  published  in  the  city  of 
Milwaukee. 

When  any  insurance  company  or  companies  issue  a  policy  of  in- 
surance against  loss  by  fire  upon  the  real  property  of  any  individual 
or  incorporation  in  this  Stats,  and  the  property  so  insui-ed  shall  be  wholly 


118 


STATUTORY      REQUIREMENT8. 


destroyed,  without  criminal  fault  on  the  part  of  tho  assurofl,  tlio  amount 
of  in.suranci!  writton  in  said  policy  or  policies  shiill  he  taken  iiiid  <leenied 
the  tmo  value  of  the  property  at  the  time  of  sucii  losw  jinil  the  amount 
of  the  load  unstained  by  the  individual  or  oorjMjration  in  whose  lavor 
tho  said  policy  was  issued,  and  such  amount  shall  be  taken  and  deemed 
the  measure  of  damages. 

Adv;>rtisemonts  must,  represent  only  such  assets  of  the  company  as 
are  hekl  exclusively  for  the  protection  of  lioldersof  fire  insurance  poll- 
cies,  and  every  such  advertisement  which  purports  to  show  the  financial 
standing  of  any  company  shall  exhibit  the  capitnl  actually  paid  .n  in 
cash,  and  the  surplus  of  assets  over  liabilities,  including  in'snch  liabil- 
ities  capital  actually  paid  in  and  the  re-insurance  reserve.  Such  state- 
ment of  condition  shall  correspond  with  verified  statement  last  filed 
with  the  Insurance  Commissioner. 

Life  and  Accident.  —  Every  company  must  pc^sess  one  hundred 
thousand  dollars  invested  in  safe  securities  approved  by  the  Insurance 
Commissioner.  Annual  statements  must  be  filed  on  before  the  first 
day  of  iMarch  in  each  year,  showing  the  condition  and  affairs  of  the 
company  on  tho  preceding  3 1st  day  of  December. 

The  Insurance  Commissioner  shall  calculate  the  value  of  the  policies 
outstanding  in  any  life  company  whose  policies  are  not  valued  by  tho 
insurance  department  or  proper  officers  of  any  other  State.  Such  val- 
uation by  the  Insurance  Commissioner  shall  be  made  upon  the  busis  of 
the  American  Experience  Table  of  Mortality,  with  interest  at  four  and 
one-half  per  cent,  per  annum.  The  re-insurance  reserve  of  accident 
companies  shall  be  fifty  per  cent,  of  gross  premiums  of  all  policies  in 
force. 

Accident  insurance  companies  shall  be  possessed  of  a  cash  capital 
of  one  hundred  thousand  dollars,  and  shall  deposit  that  amount  with 
the  insurance  department  of  the  Staite  where  organized,  and  shall  file 
annual  statements  and  pay  the  fees  and  taxes  required  of  fire  insurance 
companies. 

The  reserves  of  such  companies  shall  be  computed  at  fifty  per  cent, 
of  the  gross  premiums  upon  all  policies  in  force. 

Foreign.  —  Every  company  bhall  file  evidence  with  the  Insurance 
Commissioner  that  it  has  on  deposit  with  the  proper  official  of  some 
other  State  or  vested  in  trustees,  citizens,  and  residents  of  the  Unitcjd 
Stat<!s.  two  hundred  thousand  dollars,  for  the  benefit  and  security  of 
the  policy-iioldex-8  of  such  company  residing  in  the  United  States. '  In 
default  of  such  evidence,  such  Company  shall  deposit  with  the  State 
Treasurer  bonds  and  stocks  to  the  amount  of  fifty  thousand  dollars. 

License. —  Every  fire  or  marine  company  shall  procure  a  license, 
and  shall  pay  as  a  license  fee  to  the  State  Treasurer,  on  or  before  the 
first  day  of  February  annually,  the  amount  stated  herein  under  the 
caption  taxi\i. 

Life  companies  shall  pay  an  annual  license  fee  of  three  hundred 
dollars. 

Reciprocal  provision. 

Fees.—  For  filing  certified  copy  of  charter,  twenty-five  iloUars. 
For  filing  annual  statement,  twentv-five  dollars. 


r 


,  tho  amount 
iiii'l  <l(>('iiu'(i 
1  the  iimount 
whoso  favor 
iuid  deemed 

company  as 
surance  jx)!!. 
the  financial 
ly  paid  .n  in 

I  such  liabil- 
Such  state- 
ant  last  filed 

)ne  hundred 
10  Insurance, 
fore  ihe  first 
ffaii's  of  the 

:  the  policies 

ilued  by  tho 

Such  val- 

the  bfisis  of 

at  four  and 

of  accident 

II  policies  in 

cash  capital 
imount  with 
,nd  shall  (lie 
re  insurance 

fty  per  cent. 

e  Insurance 
ial  of  some 
the  United 
.  security  of 
States.  In 
th  the  State 
d  dollars. 

re  a  license, 
r  before  the 
I  under  the 

ee  hundred 


dollars. 


STATUTORY     REQUIREMENTS. 


119 


Each  life  insurance  agent's  certificate  of  authority,  one  dolhir. 

Each  (ire  insurance  agent's  certificate  oC  authority,  two  dollars. 

For  every  copy  of  any  paper  fileiJ  in  the  office  of  the  Insurance 
Commissioner,  fifteen  cents  per  folio;  and  for  affixing  the  seal  to  such 
copy,  and  certifying  tho  same,  fifty  cents. 

For  valuation  of  life  policies,  one  cent  for  each  one  thousand  dol- 
lars of  insurance  valued. 

For  examinatior.  ?.  tho  actual  expenses  incurred. 

Reciprocal  provision. 

Taxes. —  Every  fire  or  marine  com[)any  in  its  annual  statement 
shall  state  the  gross  amount  of  premiums  received  in  this  State  for  the 
preceding  year,  and  shall  before  receiving  its  license,  pay  to  the  State 
Treasurer  a  tax  of  two  per  cent,  upon  such  premiums. 

Every  agent  of  any  fire  company,  located  in  any  incorporated  city 
or  village  having  an  organized  fire  department,  shall  give  bond  to  the 
treasurer  of  such  department  in  the  penal  sum  of  one  thousand  dollars, 
•with  such  sureties  as  such  treasurer  shall  approve,  conditioned  that  he 
will,  on  the  firat  day  of  February  in  each  year,  render  ti>  such  treas- 
urer a  correct  statement,  under  oath,  of  all  the  premiums  received  by 
him  for  insurance  against  loss  by  fire  in  such  city  or  village  for  the 
year  ending  on  the  preceding  first  day  of  January,  and  pay  to  such 
treasurer  two  dollars  on  every  hundred,  and  at  that  rate,  upon  the 
amoimt  of  such  premiums. 

Every  such  agent  shall  pay  said  tax  of  two  dollars,  on  each  one 
hundred  dollars,  on  or  before  the  first  day  of  February  in  each  year. 

Penalties. —  For  failure  to  file  statement  of  company  as  required 
by  law.  five  hundred  dollars,  and  five  hundred  dollars  for  each  month 
in  which  such  failure  continues.  For  doing  business  without  certificate 
of  authority,  not  less  than  fifty  nor  more  than  five  hundred  dollars. 

For  willfully  making  false  statement,  not  less  than  five  hundred 
dollars  nor  more  than  one  thousand  dollars. 

ASSESSalENT    INSURANCE. 

Wisconsin  has  no  laws  regulating  the  admission  of  companiesof  other 
States,  except  fraternal  societies,  and  these  are  mentioned  by  name  in 
the  act  exempting  them  from  compliance  with  the  insurance  laws. 


WYOMING  TERRITORY. 

[Legialatiire  meets  biennially.    Next  Seseton,  osnuary,  1888.] 

Joseph  B,  Adams,  Insurance  Omimissioner,  Rawlins, 

Admission.  —  Every  company  desiring  to  transact  business  in 
this  Territory  shall  possess  an  actual  paid-up  capital  of  not  less  than 
three  hundred  thousand  dollars,  and  shall  file  with  the  Commissioner  — 

Certified  copy  of  its  charter  or  deed  of  settlement, 

A  statement,  under  oath,  of  the  president  or  vice-president  and 
secretary,  of  its  condition, 

A  power  of  attorney  authorizing  one  agent  in  each  county  resident 


120 


STATUTORY      REQUIREMENTS. 


I 


at  the  county  seat  to  acknowledge  s»rvico  of  process  and  consenting 
that  service  on  such  agent  shall  be  as  valid  as  if  served  on  the  company. 

Gertificates  and  Agents.  —  Every  agent  shall  procure  a  cer- 
tificate of  authority  from  the  Auditor,  sho^ving  that  the  company  lie 
represents  has  complied  with  the  reejuirements  of  the  law. 

Every  agent,  in  all  advertisements,  shall  publish  the  location  of 
the  company  and  the  actual  paid-up  capital  and  cash  assets. 

Examinations  and  Impairments. —  The  Auditor,  whenever 
he  shall  deem  it  expedient,  may  appomt  one  or  more  persons  to  ex- 
amine into  the  affairs  and  condition  of  any  company  doing  business  in 
this  Teiritory,  or  make  such  examination  himself  ;  and  whenever  he 
shall  deem  it  for  the  interest  of  the  public  he  shall  publish  the  results 
of  such  examination  in  one  or  more  papers  of  the  Territory. 

If  it  shall  appear  to  the  Auditor  that  the  affairs  of  such  company 
are  in  an  unsound  condition,  he  shall  revoke  the  certificates  gi'anted  in 
behalf  of  such  company,  and  publish  such  revocation  in  some  news- 
paper of  general  circulation  published  at  the  Territorial  capital.  No 
company  shall  transact  business  in  this  Territory  if  its  capital  is  im- 
paired to  the  extent  of  twenty  per  cent,  while  such  deficiency  shall 
continue. 

Fire  and  Marine.— Annual  statements  shall  be  filed  on  the  first 
day  of  January  or  within  sixty  days  thereafter. 

The  re-insurance  fund  shall  be  computed  at  fifty  per  cent,  of  the 
premiums  on  all  unexpired  risks  under  one  year,  and  pro  rata  on  all 
other  unexpired  risks. 

Every  company  shall  receive  a  certificate  from  the  Auditor  showing 
that  it  has  complied  with  the  requirements  of  law,  and  shall  publish 
the  same  in  two  newspapers  of  general  circulation  in  the  Territory, 
one  of  which  shall  be  published  at  the  capital. 

Fees.—  For  filing  examination  of  application  and  issuing  certifi- 
cate, twenty-five  dollars. 

For  filing  annual  statement,  fifteen  dollars, 
i      For  each  certificate  of  authority,  one  dollar. 

For  every  copy  of  paper  on  file,  ten  cents  per  folio. 

For  certifying  the  same  and  affixing  seal,  fifty  cents. 

For  examinations,  the  actual  expenses  incurred. 

Taxes.—  Every  company  shall  be  taxed  upon  the  excess  of  premi- 
ums over  losses  and  ordinary  expenses  within  the  Territory  during  the 
year  previous  to  the  year  of  listing  in  the  county  where  the  agent  con- 
ducts the  business,  at  the  same  rate  that  other  personal  property  is 
taxed.  The  agent  shall  render  the  list  and  be  personally  liable  for  the 
tax. 

ASSESSMENT    INSCKANCE. 

Wyoming  has  no  special  laws  regulating  assessment  companies. 


T 


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tor.   whenever 

persons  to  ex- 

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ish  the  results 

ory. 

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capital  is  im- 

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ed  on  the  first 

jr  cent,  of  the 

5ro  rata  on  all 

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shall  publish 

the  Territory, 

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the  agent  con- 

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liable  for  the 

companies. 

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W:ilt^S!!)tt-i-.'SS 


